Stephen Green of HSBC seems to lack an overall understanding of HSBC Finance. Speaking to the BBC, Mr Green commented: “There has been far too much focus on payments that are very short-term focused, people who pick up the tab for short-term profits, without having to bear the costs of long-term impairments.” Sorry […]
In February 2008 Niall Booker became Chief Executive Officer of HSBC Finance Corporation. He will also succeed Brendan McDonagh as Chief Operating Officer of HSBC North America. In March 2007 HSBC Holdings appointed experienced and long-serving banker Niall Booker as chief operating officer, according to a company statement. Is Booker experienced in consumer […]
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 […]
Adjustable rates will reset this summer and fall. The timing reflects the height of subprime lending in the summers of 2005 and 2006, when many borrowers secured loans scheduled to adjust in two or three years. For many, an adjustment means their interest rate will go up two to three percentage points. HSBC […]
HSBC is proposing to raise the normal retirement age for its 58,000 UK staff to 65 from 60 and ask a third of employees to contribute to their final salary scheme. This comes only days after HSBC Plc approved much larger bonuses for executives. While the two may not even be related the […]
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 […]
An HSBC Finance employee advised us of this frightening move by HSBC, saying “As a current employee I am appauled to see Beneficial and HFC’s latest trick which seems to be avoiding federal caps on interest rates. As of May 5th they rolled out their new pricing sheets with rates set above the […]
Investors are complaining about high pay and rewards for average performance as HSBC Finance pulled down all of HSBC aorund the world once again. Throwing $17 billion (USD) down the drain has a tendency to anger investors and customers. No one likes to associated with a loser. History shows us that HSBC […]
HSBC Finance is a “pay for performance” company, which means they look out for their best interests, not yours. It also means that mortgage loans in the U.S. followed the same “pay for performance” guidelines. That is part of why we have a subprime crisis today. Here is the report from the […]
Consider the direction taken by Wells Fargo which insulated Wells from the current subprime mess. Now consider the position of HSBC Plc, and specifically HSBC Finance. Consider, if you will, the people facing uncertainty and rumors of layoffs. HSBC Plc failed the employees of HSBC Finance and former Household International employees. […]
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An open letter to HSBC, Knight Vinke and Stephen Green
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