Household HSBC Watch

HSBC aims to tackle its problems in the United States, where it has scaled back its business after having to write off billions of dollars of bad debts on U.S. loans in the last year. HSBC Chairman Stephen Green said there were no plans to withdraw, but the bank also wouldn’t make a major purchase there. Green described it as a “multi-year transition” to reshape the business.
He said: “For the sake of discussion let’s say it’s a five year timeframe, I’d like to say (then) we’ve got a U.S. business that is properly dovetailed with the rest of group strategy, which I don’t think we’ve ever properly had.”

Steve Slater of Reuters has a complete article on this subject. It is called HSBC eyes emerging mkts deals, to get tough on capital, and can be seen here in the Guardian.