Household HSBC Watch

HSBC BANK that has offices in 77 countries, claims to be a ’socially responsible corporation’. However, this doesn’t seem to apply to the humanitarian plight of Palestinians living in the Gaza strip and the Israeli occupied West Bank territories.

According to the charity Oxfam, HSBC has charged the European Union (EU) £1.9 million in bank charges […]

WASHINGTON - Former Ohio Congressman Bob Ney was sentenced Friday to 30 months of incarceration for his role in the Jack Abramoff influence-peddling scandal. The Justice Department had asked for a term of 27 months in prison. Ney, the only member of Congress charged in the scandal, pleaded guilty last October to conspiracy […]

“The most recent high profile mortgage distress signal came from HSBC, the world’s third largest bank in marketcap size behind Citigroup and Bank of America. What an unmitigated disaster their acquisition was in 2003 of Household International, a lender to subprime borrowers. HSBC increased their loan loss reserves to $1.38 billion in Q3 from $1.25 […]

As we continue to monitor HSBC 2007 promises to be a banner year. We created a new interactive section where we will post your HSBC complaints. Interactive because you participate. Comment on any issue. The new section is here, at http://householdwatch.com/news/

For bloggers the RSS feed of the new section is http://feeds.feedburner.com/HsbcWatchInteractive
The […]

MEXICO CITY (MarketWatch) — The Mexican Ministry of Public Functions said Tuesday it will look into complaints of conflict of interest against a former finance minister, who was appointed this month as an independent director on the board of U.K.-based banking group HSBC Holdings PLC (HBC).

Francisco Gil Diaz, who was finance minister from 2000 […]

From the UK on 6 December: HSBC has become the second bank in less than a week to issue a stark warning on the debt crisis affecting British consumers.

The bank said yesterday the rising tide of bankruptcies and individual voluntary arrangements - a less drastic substitute enabling consumers to become debt-free in five […]

Traditional credit scores haven’t done a good job in accessing risk for non-traditional mortgage products such as interest-only loans and option adjustable rate mortgages, says a senior executive with HSBC Holding Plc, a British international banking giant.

In discussing trends in HSBC’s U.S. mortgage business this year, company officials this week told analysts that they expect […]

HSBC’S top executives are to lose out on their lucrative performance bonuses this year as a result of the chronic underperformance of the company’s shares.

Britain’s biggest bank has been one of the poorest performing stocks in the FTSE100 index this year, and one of the worst performing bank stocks in the world, because of worries […]

Seen in The Asian Banker on December 18, 2006: “HSBC is scrambling to reinforce senior management to stave off internal problems at Household International, its U.S. sub-prime acquisition made when Sir John Bond was chairman. Looks like serious problems are creeping up.”

HSBC is cutting at least 20 jobs from its corporate finance division in the latest sign it is dropping John Studzinski’s plan to build a global investment banking business.

The bank is shutting its general industrials and technology, media and telecoms investment banking teams. This follows similar cuts earlier in the year and the departure […]