Household HSBC Watch

Analysts at Household - HSBC Watch predicted credit card problems at HSBC Finance. Today Moody’s announced what we suspected. HSBC Finance, formerly Household International, is now having problems with credit card defaults. Moody’s Investors Service on Tuesday changed its outlook on HSBC Bank USA, part of HSBC Holdings Plc, to negative […]

HMC is a wholly owned subsidiary of HSBC, which is a subsidiary of HSBC Holdings Plc. HMC is located in Depew, NY, with a subprime collections unit in Elmhurst, IL. In addition to its U.S. locations, HMC has operations in HSBC’s group service centers (GSC) in Bangalore, India and Manila, Philippines.

The GSC sites perform […]

Another HSBC merchant is going out of busiiness. CompUSA, the computer retailer that Mexican billionaire Carlos Slim owned since 2000, will shut its doors after 23 years, succumbing to competition from Best Buy Co. and Wal-Mart Stores Inc. On the CompUSA website it says “Same as Cash offer on approved purchases made on […]

Here is another class another class action that involves HSBC, among others. The class action suit states that the credit card companies were hiding fees up to 3 percent in foreign transactions by cardholders outside the US, which is a violation of both federal and state laws. Additionally, the class action suit attempts […]

This week HSBC will focus on India. It seems as if HSBC is all over the map with ideas. One fact that is perfectly clear is that HSBC is unhappy with U.S. mortgage lending. What makes the report about India so interesting is that last week HSBC discovered that people were […]

Morgan Stanley cut its price target for HSBC Holdings plc shares traded in Hong Kong to HK$115 each from HK$131 on Thursday. Although HSBC would like everyone to believe U.S. subprime problems will not effect the overall bottom line apparently some analysts liken HSBC’s problems to what happened at Bear Sterns. The move […]

Democratic Sen. Carl Levin of Michigan, chairman of the subcommittee, said that it seemed “unfair” for credit card issuers to raise customers’ interest rates if they paid their bills on time. He pointed out that other card issuers, such as Chase, have said that they will no longer raise interest rates based on changes to […]

How was the subprime crisis facilitated by lack of regulatory action? This report speaks to the situation quite loudly:

A federal appeals court on Tuesday upheld a lower court’s 2005 decision that barred the New York attorney general’s office from subpoenaing documents and instituting enforcement actions against national banks as part of an investigation into […]

Analysts at Bear Stearns Cos. said HSBC Holdings Plc, Europe’s biggest bank by market value, may post a decline in earnings next year as U.S. loan defaults increase. The bank’s earnings per share next year may fall 13 percent to 141.9 cents, compared with a previous estimate of a 0.6 percent rise to 171 […]

As HSBC continues to hemorage red ink in the United States some are asking if HSBC will replace Chairman Stephen Green with CEO Michael Geoghegan. Under pressure from activists at Knight Vinke and others, it appears as though HSBC will make more changes. Some ask if ousting Green will be enough. […]