Household HSBC Watch

China and India have been growing at steady paces, but some have pointed to a possible bubble. Already, China has shown its weakness as pretax profit for HSBC in China fell 41% to $907 million. Meanwhile, shares in Korea Exchange Bank, HSBC’s newest target, have fallen as much as 12%. For now, HSBC remains devoted […]

A former employee of HSBC in Florida sent us this opinion: “Ex-employee from HSBC, parent company of HFC/Beneficial collections team. First I would like to straighten some facts about prior to my bashing. This company is a pay for performance company and each employee has the bonus options. The better you […]

Mr Buffett tells us he looks at four things before buying anything.
1. Is it a business we understand? 2. Does it have favourable long-term economics? 3. Is the management able and trustworthy? 4. Is it a sensible price tag?

With the benefit of hindsight, HSBC’s answers to those questions as it was poised to […]

Delta Financial Corp., the Woodbury-based subprime mortgage lender, filed for bankruptcy Monday, almost two weeks after announcing it would stop originating loans and file for court protection. Included in Delta’s list of its top creditors were subsidiaries of HSBC, KPMG and Deutsche Bank — all multinational banks that have lost hundreds of millions of […]

Global banking giant HSBC said Tuesday that it has sold some of its British credit card businesses to lender SAV Credit for about 385 million pounds (552 million euros, 796 million dollars). HSBC said in a statement that the units being sold are the Marbles and Beneficial divisions, which have about 338,000 accounts between […]

In a blow to HSBC efforts to expand investment banking, HSBC served as a trustee for the investment portion of the business from August 2003 to March 2005, when a federal court shut down Pension Fund at SEC’s behest. HSBC’s name and logo appeared throughout the firm’s marketing materials, which were not properly reviewed, the […]

JF in Pennsylvania sent this report, which we publish in both of our blogs: “How household Financial gets their mortgage customers and makes money? As you probably already know HFC/Beneficial send out live checks in the mail to thousands across the USA monthly. These range from anywhere from 5k, 7k, 10k. They are at […]

HONG KONG: Mimi Monica Wong, the HSBC banker who won a judgment against two Latin dance teachers in Hong Kong, will get less than half of the interest originally awarded, a High Court judge ruled Thursday.

The judge, Gerard Muttrie, cut the interest in the settlement to 4.6 million Hong Kong dollars, or $597,400, from 9.5 […]

NEW YORK, Aug 9 (Reuters) - A federal appeals court ruled that Bank of America Corp., HSBC Holdings Plc and Sterling Bancorp must defend against a lawsuit related to a lawyer’s Ponzi scheme that defrauded Orthodox Jews and others out of millions of dollars. A three-judge panel of the U.S. Second Circuit Court of […]

The U.K. Office of Fair Trading will announce early next week that banks have agreed to speed up payments made by consumers over the internet or by telephone and standing orders.

At present there is a gap of three days between a customer’s account being debited and the recipient being credited - despite modern technology that […]