A group which included HSBC Finance Director Douglas Flint said every idea people have concerning the cause of the subprime mortgage crisis is worng. Oh really? It had nothing to do with lax lending standards and greedy mortgage broker? Not according to this group of financial wizards. Forget about CDO, CDS, […]
In the earthquake shattered region of China people are suffering and donations are being received. The Chinese, however, are saying that major banks such as HSBC are donating very little compared to what they actually make. National Business Daily (NBD) pointed out that these overseas financial firms, which include HSBC, Goldman Sachs, and […]
HSBC received a firm offer for its French units according to Bloomberg. 400 branches only gave HSBC 20 percent of pre-tax profits so they are being sold for 2.1 billion euros, which is $3.2 billion (USD). Apparently the Household International deal has gone sour in the United States as well.
HSCB plans to earn […]
HSBC’s mortgage-related troubles may not be over, however. Goldman Sachs Group Inc. analyst Roy Ramos, wrote on November 24 that the bank may have to write down an additional $12 billion at its Household International Inc. unit. The bigger the banking institution, the bigger the clean up (excerpt). HSBC’s credit card business may also […]
HSBC may have to set aside a further $12 billion for U.S. subprime bad debts as customer defaults spread, analysts at Goldman Sachs Group Inc. said.
“The problem for HSBC now is the prospect of mounting non- performing loans and substantial losses for Household extending all the way into 2008,’’ analysts led by Roy Ramos […]
Paul Hand, global banking co-head at HSBC Holdings Plc, will leave after 21 years with Europe’s biggest bank, following a flurry of senior departures in Asia and Europe, an internal memo given to Bloomberg News showed. Hand will leave at the end of the year to pursue interests outside banking, according to the […]
August 13, 2007 - The Securities and Exchange Commission declined to comment Friday on reports that it is checking top Wall Street investment banks’ books for hidden subprime losses. Robert Burson, an associate regional director in the SEC’s division of enforcement, was tight-lipped about reports that the commission will audit Wall Street banks, beginning […]
June 27 — HSBC Holdings Plc Chairman Stephen Green ruled out spinning off the bank’s Asian operations, saying the world’s third-largest bank by market value is able to serve its customers better because of its size. There’s “no good reason’’ to break up HSBC, Green said at a briefing in Hong Kong […]
Look for signs of consolidation and streamlining as HSBC possibly looks to clean up their United States image by unloading predatory lender Household International, now called HSBC Finance Corporation. The North American division accounted for almost two-thirds of HSBC’s $10.6 billion in loan-loss provisions for 2006. HSBC earned $4.7 billion before tax in North America […]
June 1, 2006–The board of directors of Capmark Financial Group Inc. (”Capmark”) today announced the appointment of William F. Aldinger, III as president and chief executive officer of the company, effective immediately. Aldinger, responsible for the most suits, settlements and foreclosures as a financial services industry executive, also has joined the company’s board of directors. […]
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