HSBC Emotional Link and Layoffs Through 2008
We received this report late Friday and will protect the writer / sender’s identity:
I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines.
In the state of Pennsylvania alone more than 25 offices are likely to be or already have been closed in the time span of August 2007 - January 2008. The same is true for most other states (a nationwide hiring freeze is in effect) and that is just the beginning. Saying that there is an average of 5 employees per office….that is 125 employees per state (x50=6250…a little inflated but you get the point) Now, if the underwriting dept in Chicago is down sizing to 50% -that is another indicator that the layoffs have/are happening across the country.
Understand the culture of HFC BENEFICIAL …. where macho, fraternity like sales people are promoted through the ranks based on total sales$. Unfortunately sales has nothing to do with management or business background and skills. There is no long term retention plans in the actual branch offices for key employees and experienced loan advisors. Couple that with huge layoffs and this company now presents unguided predatory lending (yes I said they are unethical…ask them about “The E-Link” or “Emotional Link” which is designed to use a less sophisticated client’s hopes and fears against the customer - using information that is misleading and not proven to engineer a hypothetical solution. Does it sounds like the boiler room? It is exactly: “What ever it takes to get them to sign on the dotted line.”
The story goes very deep….but all said and done it looks as though the company is getting its just deserves with a systematic layoff of thousands.
Why haven’t you heard?
I can’t figure it out.
It is either the severance packages keeping people quiet or too much money in politics? Or, a creative thought, is the multiple identifying names….we know about Decision 1, but what about Beneficial layoffs in the last year? or Household layoffs? put those numbers together…if they are not staggering now I promise they will by the end of Jan. 2008 as there is another waive of closings coming before the end of the year. Also consider the forced resignations from people knowing about the future job losses or who left due to high pressure intimidation from district managers once the housing market crashed.
oh…and remember…with the exception of giving people rates 200-500 basis points higher than what they qualify for else where, HFC/Beneficial didn’t write most of their bad loans…they purchased them from companies like champion whose brokers were doing no doc loans with enough false information to get someone kicked out of confession. But now HSBC has sucked all the money out of HFC/Beneficial and its customers that…LAYOFFS…. are coming and the ….service to the customers…. is going. Props to HSBC for making their 16+ Billion Dollar profit over the last few years on HFC/Beneficial. Take your money and go back to London, Hong Kong Shang Hi Bank Corp. Leave the broken homes and broken careers of the Americans behind.
One more question….the financial/investing industry has the SEC. Who is watching the brokers and tracking their loans and their advise to the public? To most of these customers their homes are their most valuable…and only asset. If a CFP churns a mutual fund for a pay check…big trouble…why not impose the some ethics to these irresponsible lenders who in their “Good Names” bred these practices?
I’m not a writer or a historian nor are any of these numbers exact…but trust me (and my sources) and don‘t intend to be on the record….but…dig deeper because I‘m being conservative.
Editor’s Note: Pertaining to the SEC and other regulators please see an article titled “U.S. regulators caused subprime issues worldwide“
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Wow! Interesting read…I would like to know the real numbers. I wish we were getting more information on this. Thanks for posting.
Interesting….tired of WAITING to find out what happens
[…] HSBC Emotional Link and Layoffs Through 2008 We received this report late Friday and will protect the writer / sender’s identity: I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines. In the state of Pennsylvania alo… […]
[…] research wrote an interesting post today on HSBC Emotional Link and Layoffs Through 2008Here’s a quick excerptHSBC Emotional Link and Layoffs Through 2008 We received this report late Friday and will protect the writer / sender’s identity: I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines. In the state of Pennsylvania alo… Read the full post from Household HSBC Watch Tags: 2007 HSBC via Blogdigger blog search for direct marketing. […]
[…] Mrs_Skeffington wrote an interesting post today onHere’s a quick excerptHSBC Emotional Link and Layoffs Through 2008 We received this report late Friday and will protect the writer / sender’s identity: I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines. In the state of Pennsylvania alo… Read the full post from Household HSBC Watch Tags: 2007 HSBC via Blogdigger blog search for name. […]
[…] HSBC Emotional Link and Layoffs Through 2008 We received this report late Friday and will protect the writer / sender’s identity: I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines. In the state of Pennsylvania alo… […]
[…] HSBC Emotional Link and Layoffs Through 2008 We received this report late Friday and will protect the writer / sender’s identity: I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines. In the state of Pennsylvania alo… […]
[…] HSBC Emotional Link and Layoffs Through 2008 We received this report late Friday and will protect the writer / sender’s identity: I am amazed that the layoffs and future layoffs of super sub prime lending giant HFC (Household/Beneficial) , also known/owned and directed by HSBC has not made more headlines. In the state of Pennsylvania alo… […]
HSBC STOCKS ARE CRASHING HSBC IS JOING THE BANK GRAVEYARD,,THE CEO’S TOOK MY MONEY AND EJOYED THEMSELFS ,,CRIMINALS AND THIEFS
MASS layoffs coming for sure. 260 closings is just what will be by end of 07′ + the 100+ already closed. 25% of the current districts will be cut at least and no less than 3 Divisions will be combined. Why has this been so quiet? Here’s some insider views widely held at HQ and in the field. Sources will remain unmentioned:
1) Incredible coolaide selling mid level and senior management and everyone knows it. It’s gotten them through a tough year and 100+ closings very quietly
2) BSMs won’t stir the stew so to say and neither will DSMs, all wanting to hold onto their jobs in a futile fashion. Only the ‘connected’ will survive
3) Q1 08′ the next shoe falls and nobody will talk about that until after this round is done
4) The boiler-room jocks like those running the bulk of the divisions will remain for sure which will further exacerbate HFC/Bene’s deteriorating facade and accelerate the firesale of the entire channel by mid-08′. It’s already being strategized at the senior levels.
5) Best chance is that the remnants of the Consumer Lending are acquired by a hedgefund and managed more like the business of the 80’s vs. today. Along with that go the six figure earnings of Aes and BMs and remaining DSMs who don’t find new careers earn at half their ‘refi mania’ day level.
No way this is an intact ‘leader’ in the north american consumer finance market by end of 08’s.
very Interesting post and predictions Rolly. I couldn’t agree more.
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