Household HSBC Watch

In February 2008 Niall Booker became Chief Executive Officer of HSBC Finance Corporation. He will also succeed Brendan McDonagh as Chief Operating Officer of HSBC North America. In March 2007 HSBC Holdings appointed experienced and long-serving banker Niall Booker as chief operating officer, according to a company statement. Is Booker experienced in consumer […]

Worldwide operations of HSBC saved the bank from disaster. The disaster was HSBC Finance Corporation, formerly known as Household International. Granted we are not the first to report on this matter, but we wanted to sort through the data and updates first. For years we reported consumer complaints and noted trends throughout […]

HSBC received a firm offer for its French units according to Bloomberg. 400 branches only gave HSBC 20 percent of pre-tax profits so they are being sold for 2.1 billion euros, which is $3.2 billion (USD). Apparently the Household International deal has gone sour in the United States as well.

HSCB plans to earn […]

Today is not a good day for HSBC, leaving the bank in a position it may have never anticpated. Layoffs continue at HFC and Beneficial Finance branches in the United States, Goldman Sachs said HSBC may be required to set aside another $12 billion for subprime bad debts, and HSBC kept two SIVs solvent […]

HSBC may have to set aside a further $12 billion for U.S. subprime bad debts as customer defaults spread, analysts at Goldman Sachs Group Inc. said.

“The problem for HSBC now is the prospect of mounting non- performing loans and substantial losses for Household extending all the way into 2008,’’ analysts led by Roy Ramos […]

HSBC aims to tackle its problems in the United States, where it has scaled back its business after having to write off billions of dollars of bad debts on U.S. loans in the last year. HSBC Chairman Stephen Green said there were no plans to withdraw, but the bank also wouldn’t make a major […]

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 […]

Iain Dey of the Telegraph reports that HSBC will this week reveal a further $1bn (£475m) of bad debts stemming from its American mortgage business, amid mounting fears that the full impact of the global credit crunch has yet to wash up on British shores. You can see the full article here. […]

HSBC shares have lagged behind New York-based Citigroup Inc., the largest U.S. bank, since the $15.5 billion takeover of U.S. consumer-finance company Household International Inc. almost five years ago. An increase in loan defaults by people with spotty credit records has overshadowed HSBC’s accelerating growth in Asia and commercial lending in the first half of […]

The Guardian reported on Sunday, one day before HSBC is due to release half-year results , that HSBC’s unsecured portfolio is experiencing bad debt. Analysts imply that subprime mortgage blues have spread to other parts of HSBC. Antony Broadbent, banking analyst at Sanford Bernstein, expects the bank to warn that there has been […]