Kudos to The Guardian for this article. As bad as finances are in the U.K. we found out that executive perks at HSBC remain untouched. The TUC PensionWatch report identifies a senior HSBC finance director who ‘receives an executive allowance of 55 per cent of annual basic salary to fund personal pension arrangements’. The average contribution rate for ordinary workers’ defined contribution (DC) schemes is around 6.5 per cent.
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It seems like the Irish are not the only HSBC employees losing jobs. HSBC’s Livingston call center is closing. The bank said that although the staff would hopefully be absorbed within the company’s Scottish workforce it is no longer cost effective to keep the West Lothian location open. HSBC admitted that some jobs may go to India. A previous report said HFC Bank Ireland was closing immediately. These changes make one ask what is really happening at HSBC. Did the bank carry a lot of dead weight until the U.S. subprime and Household International disasters caused huge losses? Or is this a subtle way to justify huge pay increases awarded to senior executives?
Category: 2007 HSBC
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In another move designed to alienate customers HSBC will stop paying interest on current accounts. Not satisfied will aggravating customers in the United States with computer malfunctions that delayed direct deposits, HSBC found a way to anger even more customers. It is a trait learned from HSBC Finance. Granted, not paying interest on current accounts in the U.K. does little for customers, but it will save HSBC approximately £7million a year. It is the thought that HSBC simply says ‘this is how it is and shall be!’
Category: 2007 HSBC
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there was no warning and HSBC will contact existing customers. This is just in, thanks to a report that called our attention to the matter. “HFC Bank Ltd has closed its operation to new customers in the Republic of Ireland with effect from August 28th 2008. Existing customers can contact Customer Services on 01 656 9311 or 01 639 0933 or write to: HFC Bank, P.O. Box 5658, 22-24 Lower Mount Street, Dublin 2.” There will be 41 jobs lost. Part of HSBC, HFC Bank offered personal loans and insurance products from seven branches in Dublin, Kildare, Limerick and Galway.
Category: 2007 HSBC
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Bankruptcy laws were changed and strengthened in 2005. Then greedy banksters, mortgage brokers, and lending companies felt safe. They could do whatever they wanted to do, since it was harder to declare bankruptcy. Nationally, the total number of bankruptcies filed in the first half of 2008, however, rose 29.2 percent, to 522,205, compared with that period in 2007, according to data released Wednesday by the Administrative Office of the U.S. Courts. Americans got used to the new law, and needed protection from shady banksters.
Category: 2007 HSBC
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