We have many questions lately about an article we ran a few days ago. According to insiders there have been layoffs at two HSBC locations. Reports are still unconfirmed, thus you should consider this to be rumor or speculation until we see it in the news. Here is what we were told so far. On August 14th we received a cryptic note from Massachusetts which said “hfc/beneficial laid off some 450 people today.” Two days later, August 16th, a reader commented that 500 were laid off in Carmel. Following that, on the same day, a reader commented “that can be confirmed. in todays market the company did decided to do some much needed downsizing.” (copied exactly as written)
That is when the questions started. Let me make one thing perfectly clear – we own no HSBC stock and have no vested interest in HSBC. In all fairness to our readers we certainly appreciate your comments and input. We also recognize that unconfirmed rumors can benefit those who own stock and want to sell short. That takes nothing away from those who submitted comments and reports. I think HSBC should get out in front of these developments. Unfortunately today’s markets have a tendency to make small routine business decisions into a huge event, while putting a spin on the event. In a way I can see why HSBC has not released any information.
To all of you who ask why we are the only website that carries this story, all I can say at this time is that people were considerate enough to send us their emails. That is what we do. We monitored Household International and William F. Aldinger III before HSBC came along. We had no choice but to monitor HSBC after they hired Aldinger and purchased Household International. Insiders have provided us with information since 2001. We certainly appreciate it. For those of you worried about your jobs or wanting more information I simply do not have more at this time. If I did I would have replied confidentially to your emails.
May the Lord watch over all of us, keeping us safe from harm while opening new doors as He closes doors behind us. Please keep your comments coming.
Update of September 8, 2007:
HSBC Card Services Inc. plans to cut 213 jobs in October and is closing a Scottsdale center that handles credit card service calls.