Household HSBC Watch

HSBC Securities Services is known to be Lehman’s trustee across multiple jurisdictions, said Asian Investor. “The current crisis will no doubt put its trustee function to its most strenuous test to date. After multiple calls to various business heads of the group, no one has been able to respond to AsianInvestor’s question on what […]

We received another insider report today which says: “Today HSBC announced that they are closing their auto finance department right away. This came as a suprise. They sent letters to dealers today telling them they better have their approvals by 5 PM Wednesday or else. This is nothing new for HSBC, […]

Once again the question of protection, regulation, or lack or regulation in the United States comes up relative to HSBC. “We cannot have a segregated market where only the large and connected get protected by the SEC,” said former SEC commissioner Roel Campos, now a partner at law firm Cooley Godward Kronish. The […]

National financial organization HSBC North America Holdings Inc. is closing a subsidiary operation in Jacksonville Florida and laying off approximately 240 employees. The facility on Vantage Way South supported the HSBC Finance Corp. Card & Retail Services. Employees were notfied last week and they were given a 60-day notice. This action […]

Here at Household - HSBC Watch we thought HSBC was operating blindly before the mortgage crisis hit. Here is more evidence to that fact. Mining company First Quantum Minerals Ltd is suing HSBC Bank Canada for negligence and breach of contract, claiming that the bank recommended investing in asset-backed commercial paper shortly before […]

Financial services companies globally have had more than $195 billion in asset writedowns and credit losses this year stemming from the collapse of the U.S. subprime mortgage market. Merrill Lynch’s $24.5 billion of subprime-mortgage-related writedowns and losses are the highest of any bank or securities house, according to data compiled by Bloomberg. Losses may […]

ONE of the world’s biggest pension funds has called for HSBC to stop financing losses at HFC, its American business, after it emerged that the bank had already pumped $1.6 billion (£794m) of additional capital into the division to keep it afloat.

Janice Hester-Amey, head of corporate governance at Calstrs, the Californian teachers’ pension fund, said […]

After Sarbanes-Oxley, which was adopted primarily because of the Enron debacle, many foreign entities complained and threated to stop doing business in the United States because of Sarbanes-Oxley requirements. (We have 16 articles in the Sarbanes-Oxley section of this blog.) Banks such as HSBC complained but found it difficult to leave the United […]

HSBC has been added to the list of defendants in another class action suit. Although class action suits are nothing new for HSBC - in part thanks to HSBC Finance - January 25th was when HSBC was added to a new suit. New York state officials are suing a total of 26 banks […]

SIVs were unable to finance themselves as subprime losses prompted investors to retreat from all but the safest of securities. Three SIVs have defaulted and others are being bailed out by their sponsors. The world’s 30 SIVs have about $300 billion of assets. SIVs sell short-term debt and invest the proceeds in higher-yielding securities.

Citigroup […]