Financial services companies globally have had more than $195 billion in asset writedowns and credit losses this year stemming from the collapse of the U.S. subprime mortgage market. Merrill Lynch’s $24.5 billion of subprime-mortgage-related writedowns and losses are the highest of any bank or securities house, according to data compiled by Bloomberg. Losses may […]
We deviate from our regular HSBC posts to show our readers how UK banks avoid refunding customers’ unfair bank charges. Even though UK regulators said refunds should be issued, customers demanding such refunds are met with stonewalling and refusals. High Street giant Lloyds TSB, which has been accused of overcharging customers £300 million […]
London newspapers are reporting that HSBC is examining a sale of its train-leasing division. Yesterday HSBC was examining the possibility of expanding into Africa. Before that they discussed a possible sale of HSBC Finance in the United States. While selling non-core assets like train leasing might be a good idea one suspects […]
Cassandra was the young and beautiful daughter of Priam, the last king of Troy. Apollo bestowed upon Cassandra a special gift—the ability to see the future. The problem with the gift was she could see the future but could not do anything about it. Analysts and economists said for many years that […]
On March 14th Bloomberg was reporting HSBC writedowns and losses as follows:
Writedowns: $3 Billion
Credit Losses: $9.4 Billion
Total: $12.4 Billion
That puts HSBC in fourth place. Leading HSBC in losses and writedowns were 1) Merrill Lynch, 2) Citigroup, and 3) UBS.
See more here
It’s off to Africa today as HSBC continues to look for that magic formula that will generate profits. Eager to offset losses in the United States HSBC must find a formula to generate offsetting profits in developing nations. So today’s idea is to go to Africa. HSBC’s Sandy Flockhart said “”We […]
Since your HSBC calls are originating from India, and many of your calls to HSBC are answered in India, you may be happy to know that HSBC wants actual customers there too. It is March of 2008, so the logic in saying HSBC wants more customers in India seems strange. It will be […]
HSBC is looking to increase its presence in Russia by pumping $200 million into its operation in the country and appointing a new Russia CEO, the bank announced Wednesday. The plans at HSBC, which calls itself “the world’s local bank,” will see the global brand plunge into retail banking and open up branches in […]
By anonymous submission a Washington state resident says: “I have recently spoken with investigators from the WA state Attorney General’s office and the Department of Financial Institutions. They need your help in prosecuting Household and Beneficial Finance business practices.
Past and present employees and customers need to contact the office of the Washington State […]
Federal Board Governor Randall Kroszner spoke to bankers and some called his remarks “scathing.” Read his remarks below and please tell me if this is ’scathing’ or a total misconception of what bankers were doing. The problem as I see it was that profit taking and profit making failed to slam on the […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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