Household HSBC Watch

Here at Household - HSBC Watch we thought HSBC was operating blindly before the mortgage crisis hit. Here is more evidence to that fact. Mining company First Quantum Minerals Ltd is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-backed commercial paper shortly before […]

HSBC Canada’s year-end report did not remove the focus from a drop in fourth quarter profits. HSBC Bank Canada saw its fourth quarter profits drop 13.3 per cent, because of a $47 million writedown the Vancouver-based bank took on its non-bank asset-backed commercial paper. Initial reports touted full year performance which was […]

HSBC Bank Canada has taken a small provision for losses in its own portfolio of frozen commercial paper, but chief executive officer Lindsay Gordon says that, like other investors, it’s suffering from a lack of information.

His comments stand out because HSBC is one of the 10 financial institutions that conceived the restructuring plan for the […]

A telecom equipment company has launched the opening legal barrage in the asset-backed commercial paper mess, suing HSBC Securities (Canada) Inc. for selling $8.5-million of short-term investments that are now frozen.

Concord, Ont.-based Aastra Technologies Ltd. is seeking $5-million in damages, according to a statement of claim filed with the Ontario Superior Court of Justice. […]

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 […]