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 […]

In a news article from late last week titled “Business big shot: Michael Geoghegan” we see the power of algorithms and content matching. Although I do not know what the article was really trying to prove, the Times Online also suggests other relative articles. One related article is titled “HSBC profit falls […]

As HSBC continues to hemorage red ink in the United States some are asking if HSBC will replace Chairman Stephen Green with CEO Michael Geoghegan. Under pressure from activists at Knight Vinke and others, it appears as though HSBC will make more changes. Some ask if ousting Green will be enough. […]

Consider the direction taken by Wells Fargo which insulated Wells from the current subprime mess. Now consider the position of HSBC Plc, and specifically HSBC Finance. Consider, if you will, the people facing uncertainty and rumors of layoffs. HSBC Plc failed the employees of HSBC Finance and former Household International employees. […]

Here is positive proof that a person can be successful after running a subprime operation for HSBC while losing billions of dollars. Originally with Household International, which was charged with predatory lending and later purchased by HSBC, many thought Siddarth (you can call me Bobby) Mehta was in over his head. Mehta was […]

HSBC bought subprime loans from troubled lender Accredited Home Lenders, but stopped buying subprime loans in April 2007. (sidenote: Bobby Mehta stepped down as chief executive of HSBC Finance Corp. and as head of HSBC North America on February 15, 2007.)

Mortgage originators like Accredited Home Lenders usually sell their loans on to other […]

“What started in 1994 as predatory lending under then-CEO William F. Aldinger finally began to fall like feathers in the wind by 2007″ said Household - HSBC Watch. “People need to understand that HSBC Finance has a major credit card operation and they will try to make up earnings somewhere, and regulators seem […]

See the latest about Bobby and TransUnion

HSBC has been one of the poorest performing bank stocks in the world over the past 12 months, because of concerns about its exposure to high-risk lending in the US - which forced it to issue the first profit warning in the group’s history. Even though HSBC’s decision […]

See the latest about Bobby and TransUnion

When William F. Aldinger sold his scandal plagued predatory lending company, then called Household International, to HSBC Bank plc he knew he had to profit personally before the sham fell apart. An opportunist who profitted from running scams on borrowers, Aldinger’s departure left room for promotions in the […]

Combined third-quarter profits for HSBC USA and HSBC Finance Corp. fell 15.5 percent, as a tight profit margin, lower banking fees, higher operating expenses and higher loan losses offset growth in the company’s bank branch network, commercial lending, retail mortgage and credit card divisions.
The two U.S. units of HSBC Holdings Plc reported total profit before […]