A group which included HSBC Finance Director Douglas Flint said every idea people have concerning the cause of the subprime mortgage crisis is worng. Oh really? It had nothing to do with lax lending standards and greedy mortgage broker? Not according to this group of financial wizards. Forget about CDO, CDS, […]
Some of us remember when Wachovia was a small North Carolina based bank. This week Wachovia hired investment bank Goldman Sachs to advise it of its options on its decimated loan portfolio. Wachovia said that Goldman will “perform analytics on our loans to evaluate various alternatives. One does not think of Wachovia as […]
In the earthquake shattered region of China people are suffering and donations are being received. The Chinese, however, are saying that major banks such as HSBC are donating very little compared to what they actually make. National Business Daily (NBD) pointed out that these overseas financial firms, which include HSBC, Goldman Sachs, and […]
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 […]
HSBC’s mortgage-related troubles may not be over, however. Goldman Sachs Group Inc. analyst Roy Ramos, wrote on November 24 that the bank may have to write down an additional $12 billion at its Household International Inc. unit. The bigger the banking institution, the bigger the clean up (excerpt). HSBC’s credit card business may also […]
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 […]
Paul Hand, global banking co-head at HSBC Holdings Plc, will leave after 21 years with Europe’s biggest bank, following a flurry of senior departures in Asia and Europe, an internal memo given to Bloomberg News showed. Hand will leave at the end of the year to pursue interests outside banking, according to the […]
August 13, 2007 - The Securities and Exchange Commission declined to comment Friday on reports that it is checking top Wall Street investment banks’ books for hidden subprime losses. Robert Burson, an associate regional director in the SEC’s division of enforcement, was tight-lipped about reports that the commission will audit Wall Street banks, beginning […]
Many other countries have not gotten down to the dirty task of lending money for housing to people who can’t afford it and then financially leveraging the loans to create billions in false value. That’s what the U.S. has done and it has the potential to impact people around the world. The U.S. subprime market […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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