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Archive for the Category »05 HSBC Metris «
Bank of America finalized the purchase of MBNA, leaving HSBC far behind in the U.S. credit card market. Analysts say it’s possible that HSBC’s ‘Household International’ purchase came with such a bad reputation for predatory lending that HSBC will never catch up. Even with their pending deal to buy scandal plagued Metris, reputational risks will be expensive for HSBC. “It is certain that HSBC’s ‘Household Model’ will be exported to other countries, while a little intelligent thinking could have achieved a better return for HSBC than Household International did” said one analyst.
Category: 05 HSBC Metris, 2006 HSBC
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A Tuesday night episode of Boston Legal exposed the credit card industry for what they really are. When any industry goes beyond what is reasonable and prudent in the interest of profit it is a travesty. Boston Legal put the industry on prime time for what they really are, but the show contained a quote we find interesting. “We are one of the largest law firms with offices in London and HongKong”
Chief Operating Officer Alan Jebson said HSBC would save about $20,000 for every job it moved to Asia. HSBC runs four service centers in India, three in China and one in Malaysia, one in the Philippines and one in Sri Lanka. Vietnam could be its next outpost, where there is a high population of English and French speakers. HSBC wants to trim jobs in the United States and England where the cost of living is higher. And it’s hard to take a $20,000 per year pay cut to stay employed unless you are the CEO.
Category: 05 All Articles, 05 HSBC Metris, 05 Regulators
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BY SHERYL JEAN, Pioneer Press
A handful of top executives at Metris Cos. received pink slips Thursday as the credit card issuer became part of finance giant HSBC Group, and more are expected in the coming months. Chief Executive David Wesselink, credited with turning around a company once on the brink of bankruptcy, is gone. So is Chief Financial Officer Bill Houlihan.
Category: 05 All Articles, 05 HSBC Metris
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