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 Holdings in the UAE reported the highest profit growth of 77 percent to $522 million in the first half this year compared to $295 million last year. In Saudi Arabia the bank’s joint venture Saudi British Bank posted a net profit of $440 million. HSBCs’ share in the profit $175 million was up by […]
HSBC Holdings Plc, Europe’s biggest bank by market value, may report its sharpest decline in profit since 2001 as costs for bad U.S. loans increased. Another fine job by HSBC in the United States while helping to ruin the U.S. economy, devastate inner cities and destroying confidence in subprime markets around the world. HSBC, […]
HSBC is in a push to grow its lending to middle-market businesses nationwide by targeting firms that need its international capabilities. Whether these firms (businesses) need HSBC services remains to be seen. We are certain HSBC will then push the businesses for HSBC credit card processing and HSBC merchant - private label - […]
Once upon a time — back before the crying, wailing, and sobs of subprime lending — HSBC plc said the bank did not spend money on lobbying and attempts to influence legislation. Certainly William F. Aldinger spent money to do so in the United States, as his predaotry little company (Household International) was purchased […]
Is this legal precedent that HSBC Finance should worry about? Rejecting the arguments of Countrywide executives and directors that they were unaware of lax loan operations that led to ballooning defaults, Judge Mariana R. Pfaelzer of Federal District Court in Los Angeles ruled Tuesday that she found confidential witness accounts in the shareholder complaint […]
Credit Mutuel seems to be the most likely candidate to buy more than half the French operations of HSBC while HSBC says it will focus on emerging markets. HSBC also declined to comment on reports that the bank was selling its French operations. The most efficient way to impliment HSBC’s “Household Model” is to […]
The Guardian is reporting that HSBC may exit part of their UK business involving HFC. Similarly HSBC is “optimizing” HFC and Beneficial Finance offices in the United States. About 1,200 jobs are on the line. HSBC put their consumer finance operations up for review and will possibly seek buyers for the branch-based […]
Citigroup Inc. is abandoning a push to open as many as 100 branches a year in the U.S., concluding it had little chance to dislodge entrenched rivals in several markets. Barely two years after introducing the strategy, executives at New York based Citigroup now intend to sell or close some of the newest Citigroup […]
HMC is a wholly owned subsidiary of HSBC, which is a subsidiary of HSBC Holdings Plc. HMC is located in Depew, NY, with a subprime collections unit in Elmhurst, IL. In addition to its U.S. locations, HMC has operations in HSBC’s group service centers (GSC) in Bangalore, India and Manila, Philippines.
The GSC sites perform […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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