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 PLC leads the list of top losers so far today and is now at $76.87, down $2.44 (-3.08%) on volume of 1,013,233 shares traded. Part of the problem for HSBC comes from the IMF, which said subprime issues will continue and may actually get worse. HSBC became of of the leading subprime […]

HSBC is heavily exposed to credit card assets. In that light, it is similar to Capital One, which earlier this year slashed its earnings estimates by over 20 percent due to high default rates and building losses. We see potential for a negative impact to HSBC’s earnings from this exposure as well. HSBC credit […]

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 […]

Solstice Capital Mortgage, owned by HSBC, has closed all but the California office. They have offered relocation packages to the few good producers but have closed their offices according to one insider. HSBC is reported as saying “…as part of our ongoing efforts to operate our business efficiently, Solstice Capital announced internally […]

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 […]

HSBC plans to put a big chunk of its New York headquarters up for lease, vacating more than 200,000 square feet at its 29-story building at 452 Fifth Avenue. The bank, which occupies the tower in its entirety, is opening up floors 12 through 29, a spokeswoman confirmed on Wednesday evening, making available a […]