While I could literally fill up this entire website with a diatribe about employment issues at HSBC, I am going to try and focus on one area for now- my experience with their corrective action program. Just as HSBC bullies and pressures their customers into taking high interest and fee loans coupled with insanely high insurance premiums, they also bully their employees in the same manner in regards to production. When I left I had calculated that only 8% of the workforce was consistently hitting the standards of production deemed acceptable by corporate management.
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I was given the hard sales pitch right out of college, and I was swept off my feet with their lustrous tales of exotic sales reward trips, six figure salaries for everyone, and rapid promotion through the corporate ranks. One swine-faced sales manager who was influential in hiring me even told me that it was certainly within my sphere to work as a sales executive in London, England or Cairo, Egypt after a couple of years with the company. I only needed to “prove myself” first. Little did I know that proving myself would entail pledging my mind, heart, and soul to the ideals, leaders, and corporate culture of HSBC while making bad loans for misguided, yet otherwise salt of the earth, hard-working, blue collar Americans.
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A customer in India (Madhya Pradesh) thinks HSBC has hidden international currency conversion charges. The customer claims he cannot get a straight answer. Here is his report so you can decide for yourself:
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Moody’s Investors Service on Friday cut its bank financial strength rating on HSBC Bank USA, indicating it may be more likely to need support from its parent, HSBC Holdings. The cut “was prompted by the accelerated deterioration in HSBC USA’s financial fundamentals in the last quarter of 2007 and first quarter of 2008, and the expectation of continued pressure on these indicators for the foreseeable future,” Moody’s said in a statement. HSBC USA has been propping up former predatory lender Household International, now owned by HSBC and called HSBC Finance. Financial fundamentals and HSBC FInance do not belong in the same sentence according to activist investor Knigh-Vinke and others.
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Where will HSBC Finance be, and their customers, as the economy deteriorates? Does HSBC have any hope for homeowners in the North and Northeast as oil prices skyrocket? In Nymex trading on June 27th, heating oil futures rose 0.71 cent to $3.8905 a gallon while gasoline prices lost 0.68 cent to $3.5045 a gallon. How many more homes will HSBC foreclose upon by winter time? One must understand how HSBC Finance thinks. HSBC takes people to the edge of their budget and puts the borrower in a loop of high-interest. A false sense of security for homeowners means HSBC builds up interest, legal fees, and any other built in charges before a home goes into foreclosure. But HSBC did not count on high gasoline prices, and thus high heating costs for the winter of 2008-2009.
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