Household HSBC Watch

JF in Pennsylvania sent this report, which we publish in both of our blogs: “How household Financial gets their mortgage customers and makes money? As you probably already know HFC/Beneficial send out live checks in the mail to thousands across the USA monthly. These range from anywhere from 5k, 7k, 10k. They are at […]

Paul Hand, global banking co-head at HSBC Holdings Plc, will leave after 21 years with Europe’s biggest bank, following a flurry of senior departures in Asia and Europe, an internal memo given to Bloomberg News showed. Hand will leave at the end of the year to pursue interests outside banking, according to the […]

The credit crisis spilled onto Britain’s high streets today as worried Northern Rock customers queued up to withdraw their savings. Their fears were prompted by the revelation this morning that Britain’s fifth-biggest mortgage lender had to ask the Bank of England for emergency financial assistance. Earlier in the day, Adam Applegarth, the company’s […]

Knight Vinke today renewed its assault on HSBC’s strategy, saying Britain’s biggest bank was regarded by many shareholders as a disparate collection of poorly connected business trying to be all things to all people.

The activist fund manager, which has the full backing of the powerful California pension fund Calpers, also blasted the bank for […]

The U.S. subsidiary of British financial conglomerate HSBC Holdings PLC spent more than $1.3 million in the first half of 2007 to lobby the federal government, according to a recent disclosure form. HSBC once claimed they never lobby for anything and had no lobbying effort. Once against company policy, HSBC found out their […]

Eric Knight, chairman of the New York-based fund manager Knight Vinke, will fly to London tonight to meet some of HSBC’s major institutional shareholders.

Last week, Mr Knight and a representative of the California Public Employees’ Retirement System (Calpers) wrote to Stephen Green, HSBC’s executive chairman, to call for a fundamental overhaul of the bank’s strategy. […]

HSBC plans to open branches for the wealthy in Japan. One Google search by intelligent wealthy Japanese will foul HSBC plans instead. “This is another case of HSBC ignoring Household International and HSBC Finance Corporation” said one analyst close to the matter. “Wealthy Japanese customers rely on trust and reputation, but as […]

Knight Vinke, the high-profile shareholder activist group, has told HSBC that it “has an issue with its strategy” and has held talks with the global banking group’s finance director about a complete review of the bank’s direction. The activist shareholder, which has secured the support of Calpers, the Californian state pension fund, is […]

The Disciplinary Committee of the OMX Nordic Exchange Helsinki has issued HSBC Bank plc with a disciplinary fine of EUR 40,000 for breaching the rules on trade reporting. The OMX Nordic Exchange Helsinki (formerly the Helsinki Stock Exchange) was informed on May 15, 2007, that HSBC had not fulfilled its reporting obligations concerning […]