HSBC surprise for Jacksonville employees - your job is gone!
National financial organization HSBC North America Holdings Inc. is closing a subsidiary operation in Jacksonville Florida and laying off approximately 240 employees. The facility on Vantage Way South supported the HSBC Finance Corp. Card & Retail Services. Employees were notfied last week and they were given a 60-day notice. This action appears to be part of HSBC’s realignment and reorganization. Officially it “is a result of ongoing internal activities to improve efficiencies in the organization.” What that means, and how many jobs are going overseas, is not clear.
HSBC Finance Corp., an indirect subsidiary of the parent company had net income of $255 million in first quarter 2008, compared with a net deficit of $4.4 billion in the fourth quarter 2007, according to its latest quarterly report filed May 12 with the U.S. Securities and Exchange Commission. How that happened is hotly disputed by actvist investor Knight Vinke and others. Oddly enough, net cash flow was a $198 million deficit during the first quarter.
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