Household HSBC Watch

BEIJING - HSBC Holdings Plc., Europe’s largest bank by market value, said it expects to issue one million dual-currency credit cards by July with partner Bank of Communications Ltd., outpacing rival Citigroup Inc. in the world’s fastest-growing consumer market. “We are on track to meet our target,” Ron Logan, head of the credit […]

Credit card issuer Metris Cos. has said the U.S. Securities and Exchange Commission staff does not plan to recommend enforcement action against the company related to an investigation of its financial accounting dating to 2001. The SEC still must review the recommendation and make a final decision. The resolution of the investigation and possible charges […]

Sat, Oct. 29, 2005 - - Wachovia Corp., the No. 4 U.S. bank, told its embassy and government ministry customers Friday that it’s sending their business to HSBC Bank USA. The division of London’s HSBC Holdings Plc is helping to transfer the accounts, HSBC Bank USA said. Financial terms of the agreement weren’t disclosed. Wachovia […]

Americans are shocked by rising gasoline prices, the OCC’s increase in minimum payments for credit cards, natural disasters and tight budgets. Already reeling from events spiraling out of control they take no comfort in changes to bankruptcy laws and other changes which are unfriendly to the consumer. Our new and popular series on […]

About 300 consumers had filed complaints with the attorney general’s office accusing AOL of ignoring demands to cancel service and stop billing. The result was that the 300 were noticed among AOL’s estimated 21 million U.S. customers. It resulted in AOL paying USD 1.25 million as reported on August 24, 2005. For […]

Just one week ago, a three-member arbitration panel cleared Kmart’s former chief executive, Charles C. Conaway, of alleged fraud, mismanagement and corporate looting. Now, the U.S. Securities and Exchange Commission has accused Conaway and former Chief Financial Officer John T. McDonald of misleading investors about the discount retailer’s finances. Conaway and McDonald stand […]

Aug. 2 (Bloomberg) — As Cecilia Campillo stood up at Wells Fargo & Co.’s annual meeting in San Francisco on April 26, she was choking back tears. Campillo, 66, a former office manager who lives in Tucson, Arizona, said that Wells Fargo had fleeced her family by charging $8,400 in fees and an 11.7 percent […]

Brokerage services are offered by HSBC Brokerage (USA), Inc., member NASD/SIPC, a wholly-owned subsidiary of HSBC Markets (USA) Inc. and an indirectly wholly-owned subsidiary of HSBC Holdings plc

“We are reluctant to put this in our “How it works” category since it sounds like a sham. As an indirectly wholly-owned subsidiary, but of what? […]

Bobby Mehta, Chief Executive Officer, HSBC - North America Holdings said “Our consumer lending businesses, which are regulated by states including New York, are not affected by the lawsuits….” (see full statement). Mehta’s statement relative to suits by the Office of the Comptroller of the Currency (OCC) and the Clearing House against […]

The Federal Trade Commission enforces the Fair Debt Collection Protection Act. Their website is available from the “Regulators” menu at the top of this page and many of our other pages. Violations include accuracy requirements on debt collectors and others who furnish information to credit bureaus. Does HSBC call you from India […]