Household HSBC Watch

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 […]

If you worked overtime for HSBC, HSBC Finance, or any subsidiaries such as Beneficial or HFC you can seek relief. A new suit was filed today. The suit follows the recent conditional FLSA certification by Judge Maxine Chesney of the Northern District of California of Nichols Kaster & Anderson’s Wong, et al. v. […]

HSBC and activist investor organizaiton Knight-Vinke have been challenging each other for quite some time. This past weekend Knight-Vinke said “‘The dismissive comments in your letter conveyed a worrying degree of complacency. I hope this is just a matter of tone and not of substance.” The same United States division of HSBC […]

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 […]

Customers of HSBC experience the highest rates of identity theft in the banking industry, according to an investigative study released Wednesday by a UC Berkeley Law School researcher. HSBC is clearly in the lead. Through an extensive Freedom of Information Act request, Chris Hoofnagle, a staff attorney at UC Berkeley’s Boalt School of […]

HSBC customers of HFC and Beneficial Finance often seek answers and help that is beyond the capabilties of a local branch. Back in 1994 - well before HSBC bought troubled predatory lender Household International - HFC and Beneficial would refer customers to corporate. Phone numbers were disconnected, or the caller was referred […]

Shifting political sands in America and Europe, especially after the 9-11 terror attacks and concerns of a probable slowdown in developed economies are encouraging Islamic investors to turn their focus into growth economies like India and China. Saudi Economic and Development Company (Sedco) and Bearys Group have come together to invest $20 million for […]

Many lenders went out of business or declared bankruptcy, but major losses and write-downs from subprime continue. Lawsuits are beginning, as Ohio’s Attorney General tries to show that Freddie Mac duped investors by not revealing how risky the subprime market was. The risk to other lenders is high if a precedent is set. […]

HSBC’s purchase of Household International was called a disaster. Other quotes included “total collapse of lending standards” at Household International. HSBC’s belief that its own lower funding costs would enable it to make a lot more money out of the Household International loans. Not realizing the acquisition would become a […]

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. […]