Household HSBC Watch

Editor’s Note: See latest reports on layoffs and reorganization here

JS in Maryland asks “Why havn’t there been any reports on here recently about more layoffs and Beneficial and HFC branch closings next week? We’ve heard another 100-200 by October 10th. Do any of your insiders have any other info? There are a lot […]

We saw this on September 16th: “Investment banks must move quickly to strengthen their balance sheets and address their lack of funding if they are to come out of the current financial crisis unscathed, a senior banker at HSBC has warned.” A warning from HSBC? Acting like a global authority HSBC fails […]

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 […]

When a person is stationed in Iraq, calls HSBC from Iraq, and receives their mail in Iraq, but HSBC will not wake up and do the right thing. That is the case, however, and HSBC Finance seems to think their “pay for performance” bonuses are more important than following the law. One soldier […]

On the legal front it appears as though HSBC USA and HSBC North America Holdings have some explaining to do. In a recent court document it was discovered that the are actual two additional holding companies as part of HSBC in the United States. Why is that?

There are actually two additional US holding […]

Iran has withdrawn around $75 billion from Europe to prevent the assets from being blocked under threatened new sanctions over Tehran’s disputed nuclear ambitions, an Iranian weekly said. Where will Iran put the money? We researched news articles from Manama Bahrain and other Middle East nations. We must raise the question on […]

In a deal that brings back memories of predatory lending at Household International, Massachusetts Attorney General Martha Coakley on Tuesday accused defunct subprime lender Option One Mortgage Corp. of using deceptive and discriminatory lending practices while under the ownership of H&R Block. The complaint filed in Suffolk Superior Court alleges that No. 1 U.S. […]

H&R Block Inc on Wednesday said its Block Financial LLC unit obtained a $3 billion credit line from HSBC Finance Corp, which will be used to fund loans for some taxpayers who expect refunds. Just last week we reported that the IRS says such loans can perpetuate fraud. For two companies that […]

On one hand HSBC spokesman Michael Trevino said tax refund loans “represents a very small portion’’ of HSBC’s revenue. On the other hand such loans represent bad publicity for HSBC, with interest rates sometimes over 100 percent. Lawsuits such as Carnegie vs Household, paid by HSBC in 2007, cast HSBC in a bad […]

Our helpdesk staffers reported what we first thought was an anomaly as people have been searching for Carnegie vs Household. Staffers first noticed the query last Friday and visitors continue to read our articles about how Lynn Carnegie paid $110 to get a $500 tax refund from H&R Block and Household International. What […]