Household HSBC Watch

It has been published elsewhere but we must add this HSBC article: An HSBC clerk who attempted to steal £72m while working in the bank’s Canary Wharf headquarters has been sentenced to nine years in prison for conspiracy to defraud and money laundering. Jagmeet Channa had sent €60m (£47.7m) to one of Société […]

National financial organization HSBC North America Holdings Inc. is closing a subsidiary operation in Jacksonville Florida and laying off approximately 240 employees. The facility on Vantage Way South supported the HSBC Finance Corp. Card & Retail Services. Employees were notfied last week and they were given a 60-day notice. This action […]

HSBC Finance is a “pay for performance” company, which means they look out for their best interests, not yours. It also means that mortgage loans in the U.S. followed the same “pay for performance” guidelines. That is part of why we have a subprime crisis today. Here is the report from the […]

HSBC said on Wednesday it had agreed to sell its U.S. tax advisory services business to management. HSBC said it would receive $5 million in cash and deferred notes with a principal amount totaling $60.85 million. It will also have an option to buy 19.9 percent of the business, Wealth & Tax […]

Carrick MollenKamp of the Wall Street Journal follows HSBC closely. His recent article “HSBC a canary in US mortgage mine” appeared on 12 November. It is interesting to note that HSBC helped to start the entire worldwide credit crisis. “…HSBC said souring sub-prime-mortgage loans had forced the bank to add nearly $US2 […]

The Supreme Court of Canada in April upheld the largest exemplary damages ever awarded in Quebec - the $2.5-million Household Finance Corp. was ordered to reimburse 25,000 credit-card holders over late-payment fees after the company lost a Quebec Superior Court class civil suit in May 2003. The lead plaintiff in that case was Brault […]

Barclays faced fresh embarrassment yesterday over its £314 million emergency loan from the Bank of England, when HSBC, its rival, furiously denied that an error by its bankers had forced Barclays into the red. Meanwhile, it emerged that Britain’s biggest high street banks have more than $120 billion (£60 billion) worth of exposure to the […]

HSBC and Vodafone have pulled advertising from social network site Facebook over concerns that their ads were appearing next to a far-right British political party’s content. Mobile phone giant Vodafone and HSBC’s online banking arm First Direct suspended their Facebook ads, fearing their brands would be sullied if linked to the British National Party […]

A Saudi Arabian investor has bought a 3.3-billion-pound ($6.6 billion) stake in British bank HSBC Holdings in the last two months, and sees the stake as a long-term investment, his spokesman said.

A regulatory filing said Maan Al-Sanea owned 360 million HSBC shares, or a 3.1 percent stake, through Singularis Holdings, an investment company based in […]

HONG KONG: Mimi Monica Wong, the HSBC banker who won a judgment against two Latin dance teachers in Hong Kong, will get less than half of the interest originally awarded, a High Court judge ruled Thursday.

The judge, Gerard Muttrie, cut the interest in the settlement to 4.6 million Hong Kong dollars, or $597,400, from 9.5 […]