Finally Official – HFC and Beneficial Branch Closings
This is just one of our articles referencing HSBC complaints about mortgages, credit cards, auto loans, fees, late payment processing, and more:
The general public received news of HFC and Beneficial Finance branch closings, confirming what we’ve know for some time. HSBC said it would close or consolidate up to 260 more consumer-lending branches by the end of the year. HSBC already was closing or consolidating 100 offices this year.
HSBC Finance Corp., the bank’s U.S. consumer-finance business, will be left with about 1,000 branches under the Beneficial and HFC names. When Household – HSBC Watch first reported this information we received angry emails from nervous employees. Some said we were unfairly effecting the lives of those who wanted more information, or reassurances that we were wrong. According to the Journal and many other sources we were not wrong when we predicted HFC and Beneficial branch closings. 360 Beneficial Finance and HFC offices will go away, and some say that is only the beginning.
More HSBC Articles Like This One
- 400 more HFC and Beneficial branch closings expected
- Report of 100-300 more HFC Beneficial branch closings
- HFC and Beneficial Closings Expected Soon
- HSBC Closes Some Beneficial Hawaii Branches
- DHL is most feared at HFC and Beneficial branches
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This post has 142 comments
November 19th, 2007
As a former employee, I really feel sorry for those at HSBC financial that will be losing their jobs possibly or going through the changes of the company in the next couple of years. I know full to well the pressures of working at beneficial/hfc(HSBC)and the total disregard to their customers and employees in the long-run. You never want to see anyone lose their jobs, but HSBC has it coming. I now work for Citifinancial where we are growing; 200 branches this year and 200 branches next year. Why have we survived?
We work as a team. Management doesn’t have a hard-core attitute. We seek apprasials on our equity line-no stated value **** let allows AE to cheat. We verfy income, addresses, and employment on all personal loans. We collect on our accounts to control deliquency. And we market big-time via television and direct mail. We are now getting emails from our DM’s about capturing your market share and we are loving this. At Beneficial, I got treated like all I was a little AE and at Citi, my contributions mean something. We believe in putting the customer first and it works. Benefical isn’t worth it guys; there are greener pastures.
November 19th, 2007
Hey, oh boy… does that “teamwork” you are speaking of include stonewalling everyone and anyone who attempts to get a payoff from Citi? It’s like the Spanish Inquisition in order to get anything from ya’ll. Don’t start tossing around that non-sense about how you work as a team, etc etc. Just because you worked in a branch where the BSM was a jackass doesn’t mean everyone else is too. You haven’t survived per say. You had no meaningful market share at the beginning of this and you won’t at the end either. Once you increase your additional 400 branches, how far behind us in total money, accounts and overall branches? Shush for now little one and don’t use this forum as an outlet to pimp or push Citi.
November 19th, 2007
What is happening is very sad! We are all going to lose working with someone we have regarded as “extended family” due to the amount of hours we work. We can all be disgusted and mad, but we need to keep these people in our hearts and their families in our prayers. There are going to be alot of unhappy holidays out there. Let’s just hope they free up lending for the rest of us still standing.
November 19th, 2007
If Beneficial promoted a team oriented goal system rather than a competitive based branch struture; they wouldn’t be going through this mess right now. When I worked there; everybody was on top of everbody-doing stated value loans to customers and putting them upside down in their homes just to reach goal. When I tried to a good first mortgage down the road; I would hit a road block because one of my collegues put the customer upside down a few months earlier.
Benefical teaches its employees to be greedy and push for loans that the they know that the customer cannot afford or sometimes the AE doesn’t know because little verification is required to do the loan as in the case with the personal loans. At Citi, when you verify the loans through proper documentation and are forced to collect on the loans at a further date, you ponder whether or not you want to just up and give someone a loan since you are paid on your branches deliquincy as well as your branche’s gain. This is the main reason Citi is thriving and will survive this mess. Look, you can never take away the subprime market; we all know that there is a need for subprime lending, but things have to be done responsibily.
November 19th, 2007
Benefical thinks like salespeople (car sales people)
Citi and Wells Fargo who have insulated themselves from a lot of this mortgage mess think like bankers.
November 19th, 2007
Citi pays like bankers, oh I meant bank tellers
November 19th, 2007
i heard 11 offices in oh. how many in in and ky?
November 19th, 2007
If Citi is thriving so much, why did their stock hit a 52 week low recently and are writing off billions of loans just like every other subprime lender. I agree with the previous post about getting p/o’s from citifinancial. Many times I had to get my customer to walk into the branch in order to get anything even though the branch had a signed borrower authorization. Every company has positives and negatives. Unfortunately, all you see on this site is the negatives.
November 19th, 2007
Been There:
Well…pretty soon we may all be getting payed like bank tellers…so I wouldn’t rub it in.
Now back to the issue at hand….
November 19th, 2007
Stressed:
True enough, but I guess I will cross that bridge when I get there. Personally, I would not be working as hard or the amount of hours I currently work for a tellers salary.
November 19th, 2007
I worked for both and citifi is a sweat shop. If I want to make 40k per year citi fi is the place to be. If you had done your homework on HSBC we eliminated the product in which you are speaking of a few months ago due to market conditions and depreciation. Keep working at citifi—-update your resume and get a position as a bill collector. At least they get a MONTHLY bonus unlike that fake *** quarterly POSSIBLE bonus you get from Citifi… When you want to make some real money try to get back in HSBC so you can get that fat REJECT…
November 19th, 2007
Why is a citifi employee posting on this site???
November 19th, 2007
Found out today that my DSM is “retiring” who has worked for this company for 30 years and who’s only 52. Either he was forced a demotion and cut in pay or had the option of leaving via retirement. Didn’t hear anything today about my branch’s situation, but I’m sure it’s coming real soon. I should just bend over and let them get the rape over with. 8======D (_o_)
November 19th, 2007
DSM retiring what state? He/She hads been here that long they have a package that won’t quit. I am sure that package was not an option.
November 20th, 2007
Correct that? If you had done your homework, you would have found
out that at Citi, we now get monthly and quarterly bonuses.
November 20th, 2007
Gang,
I understand that this is hard. Just recently my branch was closed less then 30 days ago. I understand what you are saying about not knowing. If fact I feel the same way right now, not knowing.
But, with one branch closing it made the other stonger, ie more leads, more opportunity. I am not going to say that it was easy seeing good people leave. We cried together just as much as we laughed together.
Business is better and we are booking loans. I am old enough to know that the grass is not greener. Citi is having their own problems loosing 11 billion dollars in just 3 months.
11 billion dollars will make a company really think. If fact they have chosen to start with a new CEO and are looking from the top down since the last managment lead the company to the ground.
Please be aware that the shareholders of Citi Group are pissed and are looking for answers quick. (Not that it makes me feel better that other people will be jobless soon.)
I know this is so hard for everyone being effected. It’s the not knowing that is the worst. Please remeber that all of you where hired for a reason. Everyone of you have somthing that was great or you wouldn’t have made it this far, no one can take it away from you.
November 20th, 2007
Sorry I can’t spell. My bad….
November 20th, 2007
to oh boy on—glad to hear citifi now gives monthly and quarterly bonuses now you make 42k instead of 40k trust me I know the salaries. If you were truly happy their you would not be on this site HSBC. Next fight should be across w2’s because trust me I am going to ride this storm out and with layoffs and bad products (so you say) I will TRIPLE your earnings this year and to (SOME) that is what matters and that is what makes HSBC the best. Peace.
November 20th, 2007
frankly i could care less about citi..or what any citi employee thinks I will say this …if citi had a bonus structure that paid a performing ae upwards of 5k a month,+ base salary… i bet all those citi “bankers” would start thinking alot more like citi “sales people”….. with that said, lets dispense with all the sermons, get down off our soapboxes and get back to using this site to share information about closings. Nothing was communicated to any of the branches in Northern or Central New Jersey today. We are expecting the ball to drop tomorrow.
November 20th, 2007
kentucky is losing their lending liscence completely—hfc/beneficial will no longer do business in the state of kentucky
November 20th, 2007
How reliable is your information regarding KY losing their lending license?
November 20th, 2007
hey jersey, I am hearing conflicting information about kentucky. Where is your information coming from ?
November 20th, 2007
are you curious in kentucky? what is this info. worth to you?
November 20th, 2007
what is it worth to you brendan?
November 20th, 2007
what’s it worth to me? not sure what can be offered in the way of a bargaining tool in this medium.
fannie mae has stopped buying mortgage loans from bene/hfc ky because of the binding arbitration clause.
not sure an entire state would be eliminated.
November 20th, 2007
in areas where the closures are slim/selective, anyone know how closely they are following the last HPM?
November 20th, 2007
in regards to the citifi workers…. an AE in my branch used to work for citifi and LOVES working for HSBC. He states that he could MAX at 35k when he was there(important to note this was 4 years ago). also i don’t know about anyone else but i work in the heart of philadelphia and im DAMN sure not going to some of the places where our customers live and trying to collect. get the **** outta here im not getting shot. our BSM has been here for 20 yrs and she used to have to collections before the merger and she has all kinds of stories of people pullin guns on her. NO WAY. I had collections call one time and ask me to do a field call in hunting park. GET THE **** OUTTA HERE. you want me to go to the middle of the ghetto and ask two spanish people for $300.00 bucks? Give me a million dollar life insurance policy and MAYBE id consider it.
November 20th, 2007
does anyone know anything about keystone? or for that matter anyone what to be specific in terms of where these closing are? at least what division or district?
November 20th, 2007
anyone know anything about the Northeast?
November 20th, 2007
not sure on anything Keystone heard a bunch of rumors but nothing in stone all on western side of state
November 20th, 2007
On the HPM- it depends on the staffing in your state. In our state they kept ALL of the AEs—–even the crappy ones because so many other AEs had already quit.
November 20th, 2007
What’s the deal with the confidentiality agreements being forced upon employees in the affected offices that got the DHL packages? Remaining employees absolutely will not speak a word of what’s going on for fear of immediate termination of employment or being sued for defamation of character upon the company. Is this really handling things in the most professional manner possible or is this yet another example of strong arming employees the way customers are treated. For all those so absolutely sold on how great it is to work for HFC/Beneficial keep drinking the Koolaid, may numb things down a bit when it’s your turn to take it in the end.
November 20th, 2007
hanover pa got the “dhl” probably close today
November 20th, 2007
Does anyone has the list of closings? My DSM was in the office last night and siad we would know by Tuesday, but he already knew!!
November 20th, 2007
Anyone know how far back they went when reviewing branches for closing….i heard 1 year…
November 20th, 2007
Kind of odd that a site the shows how horrible HFC/Benefical really is has now been overrun by their employees worried about their jobs.
November 20th, 2007
Not sure whats odd about people being concerned about their future..
November 20th, 2007
Hmmm – should we not be worried about our paychecks that are used to support out families when there has been a monumental failure on behalf of upper management? I suppose you think it’s the low performing employees faults, or the economy overall. I’m sorry, I guess I should just thank HFC/Beneficial for the opportunity for employment and then go smiling all the way to the unemployment line. Seems to me you had too much of the koolaid.
November 20th, 2007
Being concerned about one’s future is one thing. But, to have so many employees post their concerns on a site which clearly shows how HFC/Beneficial hasn’t been all to concerned about the future of it’s customers is ironic, IMO.
November 20th, 2007
Someone said “Remaining employees absolutely will not speak a word of what’s going on for fear of immediate termination of employment or being sued for defamation of character upon the company.” The legal defense for defamation is the truth. If one’s statement or uttering is the truth there is no defamation. Forcing one to sign a confidentiality agreement and non-compete agreement is just part of doing business. Note that HSBC has not issued a press release about these closings and layoffs, although restructuring certainly saves HSBC money.
November 20th, 2007
Do a google news search for HFC Beneficial and you will find a couple of stories about the branch closings. No real answers…but it has been in the press.
November 20th, 2007
There are still emPloyees sitting in Carmel doing nothing, just waiting for their severance the first of the year. Many of them brought in Putters and are hitting golf balls around the building. Those being obsorbed by other branches are just being Put in a holding Pattern until the comPany is done with them. Once all the ducks are in a row, the shooting will begin. Some are right in here that this will only be the first wave. Where there are HFC and Ben Branches in the same center my bet is HFC will be closed. And somewhere down the line if Citi is growing then some of those Bene branches will be sold. Plans have been told on the internet new articles that HSBC will oPen 30 bank branches in California. More conversions? Less Pay? You bet but that is the Plan for the entire country in all industries. Better get used to it. And dont exPect answers, they will use you until they are ready to let you go. They are even hiring in some Places not giving consideration to those that might transfer. Why hiring? Attrition. In other words bodies are needed until the end finally comes.
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