Household HSBC Watch

With the United States in a recession the double-speak is interesting. Some call the recession of 2000-2001 a “mini-recession.” Now HSBC’s Douglas Flint has a “technical recession.” HSBC finance director Douglas Flint said: “The issue now is the US slowdown and whether it enters a technical recession, and what that does to […]

Our headlines screamed: “HSBC posts Boscov payment one day late” and “HSBC loses customer for Boscovs due to late payment processing” and “Boscovs and HSBC Forgets To Mail December Bill.” Now Boscov’s has filed for bankruptcy. The formula is simple: When a merchant signs a contract with HSBC for credit card […]

HSBC is in a push to grow its lending to middle-market businesses nationwide by targeting firms that need its international capabilities. Whether these firms (businesses) need HSBC services remains to be seen. We are certain HSBC will then push the businesses for HSBC credit card processing and HSBC merchant - private label - […]

Global Payments Inc., a provider of electronic transaction processing solutions, announced it has agreed to form a joint venture with HSBC Bank plc to provide payment processing services to merchants in the United Kingdom and Internet merchants globally. The new company will operate under the name HSBC Merchant Services. The big question is whether […]

Recently we received complaints about many merchant credit cards managed by HSBC. In fact we receive reports weekly, but we wonder about HSBC Finance and the HSBC technology. One customer said “I went on line two days before my bill was due to pay it and was told that I had to pay […]

One fact everyone knows about HSBC Finance Corporation, a subprime division of HSBC, is the company will not modify or change anything willingly. When HSBC says they modified 11,900 sub-prime mortgages, valued at $1.9bn, that were due to reset to punitively high rates this year it was not done willingly. HSBC Finance has […]

Isn’ this sweet: The Hongkong and Shanghai Banking Corporation (HSBC) Ltd in Bangladesh has awarded the winners of the HSBC Wedding Loan Promotion through a small ceremony held in Sylhet recently. We propose a promotion in the United States. It would be called the ‘HSBC Process Your Payment Correctly’ promotion. That […]

After you take the self-serving fluff out the press release, there is some news as HSBC and Loyalty Lab form an alliance. Loyalty Lab formed an alliance with HSBC Finance Corporation’s card and retail services business to extend advanced loyalty and customer retention marketing (CRM) capabilities to retailers that offer private label and co-branded […]

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 […]

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 […]