HSBC Plc failed, let HSBC Finance employees down
Consider the direction taken by Wells Fargo which insulated Wells from the current subprime mess. Now consider the position of HSBC Plc, and specifically HSBC Finance. Consider, if you will, the people facing uncertainty and rumors of layoffs. HSBC Plc failed the employees of HSBC Finance and former Household International employees. I invite Stephen Green to read my open letter to HSBC. If headquarters in London had changed the mindset of Household International with clear leadership and clear policy changes these people would still have jobs. Allowing your employees to continue with a ‘pay-for-performance’ mindset is acceptable if guidelines and standards are clear. After all, AT&T Cingular customer service reps (just one example) work on commission, but they have strict standards.
Allowing employees to post this comment in public is totally unacceptable by most corporate standards: “The consumers with their complaints are the pieces of s**t that do not know how to manage money. Get an education and use it. Stop buying things and using credit cards. Invest in some real estate and drive a crappy car through your pitiful lives. At least you will retire thinking you accomplished something.”
Changes must come the top down. Dismissing Bobby Mehta and Sandy Derickson did nothing to instill confidence. Firing district managers and upper management for violations of clear and fair policies would have been a start. Instead, branch level employees are paying a high price for lack of control and unacceptable expectations. HSBC had years to change predatory lender Household International, and failed to impliment the standards required to do so.
HSBC failed the employees of HSBC Finance, but it may not be clear to those employees. Team building and company spirit is fine. We practiced it in the Marine Corps for 227 years. It is the quality and caliber of the team that is important. Leadership traits and principles are important. But you cannot keep the same predatory mindset of ‘us against them’ and ‘dog eat dog’ management through intimidation and expect it to be successful. You cannot put profits above personnel, casting your employees aside after failed policies produce temporary results. To do so fails to build loyalty and only serves to increase the paychecks of upper management. When employees are fired they begin to talk to regulators and lawmakers. HSBC still fights to keep court records of Bellingham and Melissa Drury sealed from the public.
Our sympathy goes out to the real people with real families that will suffer loss of jobs and income. Some might say this website served to cause their demise. On the contrary we did everything possible since October 2002 to prevent that, praying that HSBC would restore Household Finance, HFC, and Beneficial Finance to the glory they once experienced as fair lenders with good policies that benefitted the public.
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Glad you do not run a company on,
I don’t think anyone is unaware of the down turn in the market or that other companies are laying off thousands…or already have. I think the issue is the way that HSBC Finance has handled the change and the “Boiler Room” mentality of it’s management. But really, where is the attention? Bank of America, CountryWide, W. Fargo, Etc…all headlines…HSBC..hm. There is a reason so many people have resentment and if HSBC is so good whats up with the racketeering (spelling-sorry) with Best BUY and H&R Block? What’s with the class action suite in Canada? Islamic funding? Military? and don’t tell me those are mistakes…you and I both know how good the Indian customer service/collections are. There are other major finance companies that are suffering…but these heavy charges (which HSBC has lost) paint an ugly picture that just supports the statements by the other people posting.
point #2 is that you are deff. right on the money about the brokers causing the market to crash…In many cases Household actually did right by people by using IREP and not allowing appraisers to be contacted and intimidated—-and by not doing no doc loans- I believe in my heart that the crash in the housing has little to do with HSBC-remember when the mortgages were loaded onto mortgage serve and how everytime we tried to do a refi and apprs the house it came in 20% lower in value? or there was 40% less income then the year before? But KARMA is like smoking…a silent killer to everyone around you…no one can convince me HSBC has any interest of the customer or the employee in mind. Which is not a long term business model.
to some other posters….
I don’t think that people on here are just bad employees or fired and angry people…I also don’t think everyone has the same opportunities to seek better employment due to rural areas…so the natural fears for one’s financial future doesn’t make people less qualified to speak out. Be aware that most people who work for the company right now are really worried for their families…and if you can’t feel for them (the mom or dad sitting across from your cubicle)…then you deserve to go down with the ship and not get a life raft. If that’s you drowning you deserve it because that’s likely how you’ve treated your customers and you still haven’t learned.
Glad you do not run a company:
Your posts are indicative of the greater moral crisis facing our democracy/capitalistic society…and that crisis can be summed up in one phrase: It’s just business. If one chooses to live a polarized life…one that exercises morality on a personal level while chucking all sense of right and wrong when doing business, one will eventually lose all sense of human decency.
No Sir, it is not just business….If a company has to resort to dishonest means to make money…perhaps they do not deserve to make money. The Golden Rule, Sir, applies to business as well as private life. And I for one am sad that people like you…with a severely polarized view of morality run businesses. The world would be a lot better off if we all treated each other like we would want to be treated…That is a real business model. Anything less than that is an affront to human decency.
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