Household HSBC Watch

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 […]

HSBC is looking for profits in oil rich nations. Wealthy Arab nations did not fall for tainted mortgage paper, and are relatively unscathed as a result. Recent weakness in oil prices will not dent economic growth in the Gulf Arab states, experiencing both record expansion and inflation as the energy exporters reap windfall […]

On Friday November 30th, Pacific Business News was able to get some information from HSBC Finance regarding closings in Hawaii. Subprime lender Beneficial Hawaii will see its branch network shrink as parent company HSBC Holdings attempts to rein in U.S. lending losses. “We will be closing some offices in Hawaii, but we will […]

In a presentation to analysts by Stephen Green, Chairman of HSBC, for the first time Green admitted that Household had been an essentially disastrous acquisition, that not all other diversifications had been successful, and that total shareholder return had underperformed peers. Household International is now called HSBC Finance, and HSBC previously said it […]

It looks like HSBC’s Household International could have more company in terms of predatory lenders. The Massachusetts attorney general’s office has sued Fremont Investment and Loan, once the state’s second-largest subprime lender, accusing it of using predatory lending practices to sell loans to some borrowers who eventually lost their homes or had to […]

Britain’s economic expansion has been hurt by the crisis in the financial markets, Treasury chief Alistair Darling warned, apparently signaling a reduction in the growth forecast for 2008. His remarks came ahead of a crucial budget report to be delivered next week.

HSBC, the nation’s largest bank, said that Britain faced investor flight in the […]

Aug. 15 — Asian stocks trading in the U.S. fell to their lowest in nine months on concern mounting losses from the credit markets will reduce earnings. HSBC Holdings Plc declined $1.17 to $87.18. The company, which controls two of Hong Kong’s largest lenders, took over Household International Inc., a U.S. subprime […]

Cerberus Capital Management LP is one of the largest private equity investment firms in USA. Cerberus Capital Management LP bought 80-percent of Chrysler Group for 7.4-billion dollars. The deal unwinds a 1998 merger. DaimlerChrysler will change its name to Daimler AG. Chrysler will become Chrysler Holding LLC. Under the deal, Daimler will […]

HSBC and Vodafone have pulled advertising from social network site Facebook over concerns that their ads were appearing next to a far-right British political party’s content. Mobile phone giant Vodafone and HSBC’s online banking arm First Direct suspended their Facebook ads, fearing their brands would be sullied if linked to the British National Party […]

As the subprime market declines and loan losses mount, third parrty mortgage brokers are having a tough time of it. Like many realtors, mortgage brokers are unemployed but don’t know it yet. Fired by companies that once funded them, mortgage brokers are casualties of risk management. Lenders like HSBC and Wells Fargo […]