Household HSBC Watch

According to Maryland newspapers, HSBC North America Holdings this month will close its White Marsh operation — HSBC Finance Corp. — and lay off 450 employees. With Boscov’s closing its Glen Burnie, Owings Mills and White Marsh stories, 400 people will lose jobs. Boscov’s signed a contract with HSBC and HSBC managed the Boscov’s credit card. Such cards, known as private label or store branded cards are part of HSBC’s credit card business. However, with 800 layoffs between the two of them Boscov’s and HSBC did not make a very good team. Consumer complaints claim HSBC did not look out for the card holders. Perhaps it is best if both of them disappear from any consumer oriented customer-based business.