No doubt HSBC is interested in buying Lehman Brothers. Remember the iPhone mis-information? While the Australian MIS officer said HSBC could replace Blackberrys with iPhones, London said the opposite. Regarding the Lehman deal the opposite strategy is perhaps true. No word from London, while the HSBC Asia chief executive officer speaks […]
Concerns of a global economic slowdown, tensions over Iran and selling by foreign investors across several Gulf Arab bourses depressed regional benchmarks. Stocks also fell on reports the Central Bank of the United Arab Emirates is planning to tighten rules on lending to help rein in inflation. “To be honest, the whole atmosphere in […]
“It is clear that growth models in our industry based on high and increasing leverage will no longer be sustainable,” said HSBC chairman Stephen Green. Changes are being made at HSBC, partly to appease Knight Vinke. Don’t tell Green, however, because he wants the world to think it is all his idea. […]
It reminds me of the old game we played when we were kids. The game where we had to pick out “the one that was different from all the others.” Banking industry leaders (their words, not mine) are calling for reforms. The proposals were put forward by a high-level group led by former […]
In a news article from late last week titled “Business big shot: Michael Geoghegan” we see the power of algorithms and content matching. Although I do not know what the article was really trying to prove, the Times Online also suggests other relative articles. One related article is titled “HSBC profit falls […]
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 […]
Even bankrupt lenders are looking for a new approach to lending. One subprime lender, the bankrupt Delta Financial, is reemerging as a lender of FHA mortgages and other “alternative” products. The company’s former chief executive, Hugh Miller, along with a small group of former Delta executives, is launching Reliance First Capital, a mortgage company […]
Knight Vinke, the activist investor, launched a fresh attack on HSBC yesterday, accusing Europe’s biggest bank of flattering its US sub-prime losses by failing to write down $30 billion (£15 billion) worth of mortgage assets. Knight Vinke may have a point, as HSBC claims to have US losses under control, while almost every other […]
Analysts say that HSBC Holdings PLC (HBC) will again show large losses in the U.S., although these should be absorbed by stellar performance in Asia. Stellar, absolutely stellar. Except in the United States. As gasoline prices set an all-time record high many customers of HSBC Finance are finding it difficult to […]
Nichols Kaster & Anderson sued HSBC again last week for wage and hour violations under the Fair Labor Standards Act (FLSA) and California laws. Advocates at Household - HSBC Watch received many reports in the last quarter of 2007 that supported allegations made by employees dismissed during a drawdown at HSBC Finance, HFC, and […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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