Finally Official – HFC and Beneficial Branch Closings

The general public received news of HFC and Beneficial Finance branch closings, confirming what we’ve know for some time. HSBC said it would close or consolidate up to 260 more consumer-lending branches by the end of the year. HSBC already was closing or consolidating 100 offices this year.

HSBC Finance Corp., the bank’s U.S. consumer-finance business, will be left with about 1,000 branches under the Beneficial and HFC names. When Household – HSBC Watch first reported this information we received angry emails from nervous employees. Some said we were unfairly effecting the lives of those who wanted more information, or reassurances that we were wrong. According to the Journal and many other sources we were not wrong when we predicted HFC and Beneficial branch closings. 360 Beneficial Finance and HFC offices will go away, and some say that is only the beginning.

145 thoughts on “Finally Official – HFC and Beneficial Branch Closings

  1. When will we know the location of these 360 branches? The HSBC site is now listing only 5 jobs available for HFC Beneficial (down from 33 earlier this week) and only offers 26 states to choose from on their scroll list. Just wondering what is all means.

  2. 260 branches, not 360. 100 branches closed last month. Those 260 branches should already know? I’m just wondering when to sell my Sharesave stock? If I sell today, I make over $4k. If I wait to I make more or less?

  3. I know Stinky Pete…But I don’t know where the 100 were located. Do you? Do share.

  4. 109 Benny and HFC branches closed through end of October to be exact, not including the 600+ jobs cut by closing the Carmel facility.
    The added 260 is an ‘about’ number, it could be 50 more or some less but likely to be more. They’ll continue to cut heavy in the midwest and on either coast where there’s far too many branches. I hear minimally 3 Divisions to be closed/consolidated and target of 30+ districts to be gone by year’s end. Branch ‘otimization’ they call it, but frankly, this has been mulled around in Prosect Heights for at least 5 years. Interestingly enough, CitiFinancial is looking at at least 200 new branches for 08′ and that’s on in addition to the 100+ the brought online in 2007.

    Those Bene and HFC loyalists who’ve been drinking the ‘it’s them and not us’ coolaid for the last year or so are going to have a sad holiday season.

  5. To Stinky and the rest of you wondering when or if your ticket is next? Watch for a lot of ‘away time’ at the DGM and HRM level. Your DSMs will know nothing until the last moments and with a lot of them being cut, that’s going to be a doozy for them. Some of them will close branches and get their ‘good news’ only after they’ve carried out a successful mission and done all of the required due diligence. Don’t trust me, just come back here in a few weeks and tell me I’m wrong about one ounce of this.

  6. im an AMT in pennslyvania. its been confimed to me that half of the closings are in california and new jersey.The other areas that are going to be hit are areas that in the past few years have seen very high appreciation and are now seeing very high depreciation. thank GOD im in a major city and were not one of them. their are going to be 4 divisions(out of the current 18) that are being “dissolved”. The exact announcements and locations of each branch along with employee termination will be reveled NO later than the week of december 10th.Just in time for christmas

  7. funny you mention that rolly but our DGM is “out of town” in virginia until this friday. i will have some more info then when he returns. The released employees can recieve unemployment from my understandings. Their is supposed to be 1 division lost by each RGM. So O’han,scarcello,clamage and whoever the other one is they are each losing 1 division. this was confirmed on a conference call (which i was apart of so my info IS correct)with mrs.madison today. They are going to be reallining districts and closing numerous branches all over however the hardest hit is going to be california and new jersey which are supposed to lose half of their overall branches. the great thing is we are being told to keep working and act as if nothing is going to happen to us

  8. The end of the Finance company has come due to market change that has affected everyone in the mortgage industry. My heart goes out to these harding working employees who do work for a living. Next the wholesale broker business.

  9. I just want this whole thing to be over. I am being told by my BSm and DSM that my job is protected, but they dont even know for real…I know my DSM has a meeting tomorrow and hopefully the truth will be told to us on Friday…I can then make my necessary plans

  10. just want it to be over… really depends where you are located.ive been told they are going to obviously keep top producers however also keep in mind they are going to try and eliminate older employees who get paid more in salaries,pensions,benefits etc. I, even though i am a “top producer”, have ALWAYS had a backup plan whenever and wherever i work. I personally dont thing we have even begun to see the end of this mess as i am seeing SO many people with ARM loans and neg am loans that even we can’t touch. So if we can’t do a loan for them who can? NO ONE. This is in my opinion really only the beginning of this problem and it is going to get a lot worse in my opinion. Eventually around 2010 things will start to lighten up. remember you must look back to when most of these ARM loans were written. we are in 07 now so most of the ones from 05 and now coming up to 06 are starting to adjust. by 2010 i feel that their will be few people who have ARM loans from now adjusting and by then everything will start to get back to normal. also remember that our economy, people are taking on huge amounts of debt. everyone has a car payment 2 mortgages and who knows what else.until we as a country learn that debt is NOT good this problem will not go away easily

  11. People, your Job title or position is not Safe, I was just laid off today and I like some of you thought I was safe, boy was I wrong! Job Search tomorrow morning.. Good Luck People…

  12. jd, you seem pretty well informed. My interests are in delaware. Most info i’ve heard is that delaware goes from 9 branches down to 6 and Jersey from 44 down t 20. Does that seem to line up with what you’ve heard?

  13. ps: this sight has a lot of unjustified negative information. I’ve personally helped hundreds of people better their lives who had no where else to turn. If you’ve worked at household/bene and conducted yourself ethically you shold be proud of your career.

    And certainly not listen to 95% of the left wing anti American crap, and fabrications fond on this site!

  14. It’s my understanding that a lot of displaced aes/managers will be absorbed by branches that remain open….is that correct?

  15. hg…Left wing? Anti-American? Did you know this sight was started by a US military man who was trying to stop household from taking advantage of active duty military? Dude….you so need to read the “open letter” post right above this one. This site has nothing to do with liberal vs. conservative. It has everything to do with right vs. wrong. And as far as your career….you should be proud of hard work. Hard work is always admirable. Although, sometimes even hard work is done for the wrong people…And if “bettering one’s life” means taking on debt that you really can’t afford…well…let’s just say I’m pretty sure self-improvement doesn’t involve adjustable rate mortgages. No one is attacking your performance on this job…but there really is a whole lot more to being a consumer advocate than political perspective. Watching out for the consumer has nothing to do with one’s political persuasion…after all, hg, you are a consumer as well. We all are.

  16. Any word on Maryland? I am hearing NJ and Cali…just wondering if they will consolidate some branches here as well.

  17. I personally work my ASS off for this company. anyway to HG not sure about delaware although i have a good friend who just got transferred down there as she was in philly but got shipped there cause she lives there. I can 100% confirm the jersey closings as many are going to be in northern jersey where home “appreciation/bullshit speculation” was the highest. To HG, i told EVERYONE this, always have a backup plan as each region is losing a division. Not only that the remaining divisions are going to be losing branches,districts and AE’s. Im in keystone and mostly im hearing branches in and around pittsburgh although a few in philly are going to be closed/combined. frankly in philly, we have numerous branches that “overlap” one another. A beneficial 5 minutes away from an HFC. as stated most closings are going to be in cali and jersey however NO ONE is truly safe and it is always best to have a backup plan in place in the event of being layedoff

  18. In southern cali I have personally see HFC and Bene branches in the same shopping center. Those are the guys that should be worried the most

  19. Does anyone know if you will be forced to step down, or will they give option of severence or to leave the company?

  20. Well, I m sure if youre a BSM you might be given an option to step down but if youre an AE then where u gona step down? If you want to be a SA then go for it! ID rather work at UPS

  21. Word is that in most divisions all the DSMs are meeting Friday of thsi week to find out who and when. Also sounds like some DSMs will be let go Friday as well.
    As for the rest of us, it should get hot and heavy starting Monday – right before the holidays.
    It does sound like the will fill vacancies in offices staying open with some people who get let go but the final impact is around what 1000 people??
    Good luck to all… personally I dont care either way anymore, just get it over with!

  22. Give me a break, you are a lender that took advantage of borrowers that were financially stressed and made their situations worse. Well I think it is good you feel the stress that you have inflicted on others. Also, my visits to your branches don’t reflect hard-working souls, instead I saw alot of very laid back kind of smirky and not too busy individuals. Like there were 4 individuals doing the work of two. Many of our loans out there with HFC are sooo toxic they’ll never get symathy from most of us. My advice- as things get tight, don’t take a loan out with HFC! And your next job not be screwing others.

  23. C’mon hg,

    Let’s face it. HFC/Beneficial takes advantage of desperate and/or financially ignorant consumers. No matter how it’s sugarcoated as to meeting needs, that’s the job. The truth just can’t be put on a flyer or phamplet or they’d go out of business.

    The company is the master of the short term band-aid that usually costs consumers big time in the long run.

    – Unsecured loans at the MAX interest rate each state allows. These loans either force customers to pay all of the pro-rated interest first before touching principle while charging an orgination fee on top of that (closed end) or trap consumers into forever paying a high interest minimun payment that never touches the balance owed (revolving).
    – 5% origination fee ON TOP OF mortgage loan amounts making it almost impossible for customers to refinance their mortgages.
    – OVERPRICED AND MISLEADING insurance protections.
    – Consolidation loans that consistently stretch out short term debt into long term debt stressing initial payment savings, while disregarding that, more times than not, the loans cost the consumer FAR more $$$ in the long run.
    – Selling customers the opportunity to skip a car payment by refinancing their vehicle while almost always putting the consumer on worse terms in the long run.

    Getting rich putting band-aids on bullet wounds. That’s the job no matter how the company tries to brainwash their employees.

  24. as a former employee, and have a number of friends still working for the company I have ssen this on the wall for a long time. With the introduction of the “mega Branch” I knew they were looking to consolidate and keep the employees they really wanted. HSBC was a great company to work for. But all great things must come to an end. They do loans for people that would otherwise lose their home. And now that everyone there makes at least 100k, we turn our back on our clients and cry. The higher ups knew was going on a long time ago. I have visited Prespect Heights and Carmel, HQ and U/W. THis is jus ta show on wha the economy is doing banks and other financial institutions have made a ridiculous amount of money off sub prime customers, now leaving them to become possibly homeless. And what better for them to do than cut their losses and run, not figure out how to effectively manage the mess they’ve created. You gotta love it. Yeah and the meeting tomorrow will be rather intense, but believe me, these men have been waiting for this for a long time. If I saw the writing I know they did. Hell, the DRM’s and DGM’s make at least 250k. Hopefully they put enough in Vanguard:)

  25. To the military man that started the sight reply..with the comment i’m pretty sure self improvement didnt involve aqdjustable rate mortgages” You are prettyuninformed about the branch. I was on of the top branches in my division and i booked 1 adjustable rate loan in 2 years. About 1% of the branch loans are adjustable, we never did neg am etc.

    Your comments are exactly what i mean about the bs hype. People here a piece of something on the news or a sight like this and they assume it applies to all.

    And as far as the left wing aspect there are politicians who have talked of regulating the mortgage industry to the point where consumers will be shut out.

    That doesnt sound american to me!!!!

    Editor’s Note: I am the military man. Branch is HFC, University Drive, Huntsville Alabama. Branch manger was Susan Talley. Loan was HFC, balloon at end because loan could not be paid back at the payment schedule quoted. Google Susan Talley, Susan Tally HFC and you will see it. I still have the original contract. Not informed that loan could not be paid back until we left closing. When a loan cannot be paid back during the quoted period what do you call that? This was a second that I paid off, not an adjustable. Seconds with high daily interest benefit nobody but HFC.

  26. Hey…how can you say you trust Madison? I remember a town hall with her speaking the day that Wallstreet first reported the HSBC mortgage serve mess…saying this year we were raising goals and projecting inspite of this issue record profits and the company was going to pay everyone more money…because again every .2 RE per AE closed was worth in her words $1Billion US PROFIT!!…how many TOP producers/BSMs are making more this year? How many have out produces last year and still made less? Stop joking around. I don’t know how many conference calls I already heard saying the NTB’s were going to save every body’s jobs…don’t worry there will not be another round of closings. Only to have one of those offices on the call get axed the following week. I saw an office that just signed a five yr lease and hired (at the beginning of the hiring frz) only to be shut down 2 months later. Then they tell you to keep working as “if”….so they can drive their profits. Come on guys…what do you think happens when they close your office? They come in for like 30 minutes…your DSM will be giggling with someone on another line…they give your individual options (and you may have to battle for your pensions and proper severance amounts as they will try to cut corners)…tell you that you have to continue to work for the next 30 days (or they will retaliate by firing you and not offering you anything)…and that includes your three Apps and 2 F2F per day-regular hours…then they send you a bunch of boxes and you pack your office up. Your QAC and other friends you thought you had in the company probably won’t even bother to say good bye. huh. and to address another point…your doing what’s right for the customer? Come on…I was in the top 1% of the country…your NTBs…rewriting an ARM, saving $100 a month, paying delinq taxes or debt, cutting term, 10k/10% new money? How many mortgages have you written to “GET YOUR SELF TO GOAL” where you took a 100k$ mortgage at 6% with 27yrs left and gave the customer 10k$ to redo their kitchen…at a new loan of 10.5% 117k$ loan at 26yrs? What gives you as a BSM or an AE or AMT the qualifications to make the statement you “SAVED PEOPLE?” -have you ever told a customer who you know could have done better to shop you? Come on Jokers…step back and take a look at the big picture…as someone else stated…take pride in how hard you worked…that you slaved through the 40 hr on the books 20 hr off the books weeks…working till 7 or 8 everynight without a defined schedule because your DSM needed more apps. Don’t waist your time talking about how much of a “do gooder” you and your company has been in your tenure when your DSM is calling people at 930pm the last day of recision trying to strong arm a 70 yr old couple into closing that night so that they can get their #100RE closing for the month. Move on and “learn” from your experiences with HSBC it can make you better and stronger at your next job.

  27. hg….Do a simple google news search on any of the stories on the site and you will find they are all pretty verifiable. HFC/Beneficial formerly Household has had a pretty spotty record when it comes to integrity and honesty for years.

    Ashamed….I couldn’t agree more with your comment.

  28. I believe it’s not going to be as bad as once thought (400-700 branches) because they are doing the closings in phases. So there will be another 10% closed in FEB. Thats the “word on the street”.

  29. Not as Bad is pretty close
    Its a peeling back which will happen again around end of Feb. Next time though it may seem smaller because there will likely be high attrition due to the hostile work environment. Well, its always been hostile but much more so now than ever.
    ‘e’ – you are dead on. We, the employees have now become just like the customers … used, abused and left wanting.
    Sadly HFC/Bene has acquired a number of great people as employees that ive enjoyed working with over the last 10 years, im not sure how so many good people got caught up in this mess … hopefully we will all land on the other side in one piece.

  30. e-seems like your conscience is getting the better of you. Out of everything that you just said happens, you prolly did it for years too and now ur just mad because u got laid off….

  31. seems to be alot of rumor as to how this branch reduction process will happen. perhaps some info on severence and benefits if you are let go would help.
    for those who don’t know:
    inside hr clearly states that bsms can get a minimum of 12 weeks serverence or 1 week for each year worked whichever is greater to a max of 52 weeks. I don’t know of many people with hfc/beneficial over 52 years,but if so you get a years pay. Ae’s get 4 weeks minimum and the same as above for years worked. this is based on salary bsm/ae hourly… not commissions.
    For those worried about medical ins. Cobra is paid by hsbc for the first 3 mos. then you have to pay the total out of pocket plus 10%.including what hsbc use to pay. look at your online paystub to see what hsbc pays in most cases it’s 80% so you could be facing a $1000+ a month if you don’t find work after the first few months. this may help some of you prepare. as for me i plan to stay if my branch makes it through the storm. it is good to know what hr policy states and this may help you plan for the worst.

  32. All BS aside.did anyone catch the bulletin on connect where it says felible employee work hours.It said keep working but dont come to the office and be willing to come to the office once or twiec a week and be willing to work from a workstation with no assigned workspace

  33. most of the hit is been taken by California,today most of the DSM were let go,and all the employees will receive severance for a month,all the lists with the severance checks are ready,employees will be notified starting monday
    sorry guys

  34. countdown to the end….Monday is almost here…I was told today that it is not going to be as bad as we thought, and all I can keep thinking is yeah right…they just want everyone to go back to business as usual and make some more money…every since the call on tuesday everyone in my division has not been performing…just dialing around and finding out any other small piece of information…I just want to know if I can buy Turkey for thursday or do I need to buy some chicken instead…lol

  35. I know my division’s DSM’s were in a mtg today with the DGM. I plan on my branch shutting down, my DSM gave me the heads up. I am planning for the worst. I am not mad…it’s just business, I understand.
    I am pretty sure my DSM will be in my office Monday to deliver the news.

  36. Question? What benefit does it provide to let us sit on this all weekend. Anyway, if anyone knows what is happening in the MN and WI areas please share.

  37. They will not let anyone know until its either your turn or you are told for certain you are spared (for now lol). For some of us this could drag on until 12/10 as that is the final day they anticipate having to make the doomsday visit.
    Like crap said – its just business. Here is the good news, in most of our markets there are plenty of jobs where any of us can make good money, absolutely have better hours, not work in a boiler room atmosphere and work for a company with a much better reputation and set of ethical standards. HFC/Bene is not the be all end all ….. most of my friends make similar money as I do and come home from their jobs (around 5:30) not dreading going back the next day. Time we all go out and find jobs like that – God knows we have done our time and earned it!

  38. If you bad mouth the job so much and can get a better job elsewhere, GO AHEAD! It is hard for me to believe that if you were able to make the same money working until 5:30 you would still be around. Why are you still here?

  39. to citifisux: you are simply too ignorant to respond to. Im guessing you didnt get far in school and thats why this is the best job in the world to you.

  40. Hi I’m an SAE from MASS…I’m hearing the same thing you guys are…
    I have heard rumors for the New England Division… I know at least 1 DSM was let go and that the RGM is being demoted to DSM..I know there is alot more coming…i’ll try to post what I can find out

  41. I heard NY Div getting smacked pretty hard. 20-30 offices total (combined with the closing that have happened YTD and this set of closings)…but be worried when the next waive hits in 2008 as the mega branch is likely to be a consolodation of sorts in the future in the more populated areas…likely the offices with the highest overhead (SR employees) will be the one’s smoked. The places to really think about are not only the HFC and Beneficial offices in the same town but any offices in small towns like Auburn, Norwich, Vestal, Elmira, Ithaca…etc…anyplace with rural demographics as the pool of potential customers to pull from with this UW credit crunch has been cut to pieces.

    I also heard a rumer that if HSBC can’t close the former Household business (which there are too many loans to maintain and too many stockholders to worry about for the time being-a systematic downsize such as the current is needed to save face and $$ rather than a fire sale.) and can’t sell (who would buy-they would have by now) they may be stuck with what is left of HSBC Finance…and since the rebranding of Bene/HFC to HSBC Finance the company may be looking to pull the Subprime Couger into Prime lending (which has been a quiet topic for the past few years (didn’t HSBC aquire the rights to open up their banks nationaly?…if that’s right -the tools are in place for a quick change in business style)-which also means the BSMs (or Ass. VPs and the AEs need to get ready to get paid like bankers and not mortgage brokers; Also another reason why some of these closings will be focused on the rural areas as the demographics just won’t fit the business models. Just a thought. I heard DSMs will have the title VP and the BSMs will be Ass. VPs. Anyone else hear anything about this stuff?

  42. My BSM told us this week about the title changes that go along with the re-banding of payroll levels. In mass here I think there are alot of potential branches that could be cut…There are 2 offices in Worcester,West Springfield, and Framingham.. Thre are quite a few rural ones as well…Greenfield,Wilbraham, West Boylston and you could even throw in Natick…The cape has issues too with about 10 branches in a 60 mile radius…I heard that on average 2 branches from each district would be eliminated and also heard of the Mega branch possibility for some of the larger centers

  43. Total truth on the fact that BSM’s are now Assistant VP. DSM will be VP and DGM will be Senior VP. These are fact that roll out January 1, and everyone has been informed, so no surprises there. Here are some things employees should look for in 2008: 1) Full spectrum lending (Prime will actually happen) 2) More products (Home Purchase, Prime Loans and HELOCs, Auto Purchase) 3) BSMs will be behave more like fidicuaries of the company. They will have to answer for profitability. It will be a component of the bonus along with productivity. Loan Account Gain for the branch is a thing of the past, as we cannot continue to grow branches in these trying times, but must keep them profitable. 4) Rebranding will happen in 2Q, no later than 3Q. 5) Possible addition of selling depository products. (I hope not). The real issue is that our company is going to be a slower growing, more conservative group going forward. Profit is ALL that will matter. CGS will prbaly not even be around at the end of the year and FICO will be the only indicator of credit, although CGS has been a good indicator as all signs point that Consumer Lending loans are performing better than the industry. It will be a different enviorment and I beleive we will see turnover from cold calling cowboys to smart, consise business people that can also do a great job selling. Much of this my thoughts from conversation with middle management and others in the company, but I bet you can come back June 08 and will call me a prophet.

  44. Heard that Buckeye will be part of Keystone….Completely disolved….heard that Sprinzel and Nally are Gone as DSM….18 branches in Buckeye will also be dissolved…..
    I did hear that Home Purchase program will not be around…..that program did not do well in the testing stages….Sometime in 08 HFC/Beneficial will no longer be. It will become HSBC FINANCIAL. Sign change on the doors…
    There will be a better prime product but that won’t have impact on the business model until second or third quarter 2008. There is speculation that HSBC FINANCIAL will become proactive in early 2008 rewriting loans that are currently delinquent with some newer products. These loan will but into a seprate portfolio and won’t be marketed until they are able to be sold or refinance through another company.
    If your branch was up for renewal expect it to be one that will be shut…not all personal will be let go. Although there will be layoffs attrition through personal who are retiring, underwriting, SA consolidation will part of the job losses. There will also be a decrease need in auditors.
    It will be interesting to see how productive each office is over the next 30 to 40 days.

  45. I am a BSM in the south. My AE’s are struggling to get things accomplished on a daily basis until we get a definitive answer on whether or not the branch is going to remain open. I like the things that appear to be happening with the change in direction. The DGMs are paid on DOM so why not us? That makes the branch easier to manage in reality.

  46. I’m a BSM. I have confirmation Michigan is going to buckeye Division. It will be MI/OH. Michigan will to be down from 4 to 3 districts. 1 office in S Dakota, 5 in Minny, 10 in michigan. 70+ AE FTE cuts. 148 people severenced. When the DSM’s went to the meeting friday it was a done deal. No input, nothing. It is based on your HPM’s and future market growth. nothing more nothing less.

  47. to shh…I have two degrees and graduated cum laude so I can get a job with another company. If anyone told me at my age I can make $100+k/year, I would have called them insane. I know many people who have degrees and are working at a Mall. As many posts already state, Business is Business. This consolidation should have come a long time ago. There are many cities that have offices a block or two from each other or even in the same plaza. How much business sense does this make? It is optimization…how many ae’s and bsm’s are on corrective action that should have been let go a long time ago? It is almost impossible with the new performance management plan to get terminated. The ‘mega branch’ makes perfect business sense.

  48. Well they need not layoff people in the Las Vegas area anyways. A lot of people have either quit or are trying to transfer to the call center

  49. i agree fully with citifisux, in philly we literally have branches 2 blocks from one another. It makes NO sense. The business is there but there really is no need for a good 3 branches in our district. I also would love to see some prime products and customers however hopefully we get real prime products not what we want people to believe are prime products.

  50. Any news on KY closings this time round? We already have experienced optimization over the last year or so..

  51. Hey all…..My DSM was at a two-day mtg and is clear that they aren’t rolling anything out yet. DSM had to sign a confidentiality agreement so they can’t say anything. It’s been said that Southwest Florida is going to be practically shut down but no one has confirmation of that yet.

    Anyone have any news on the Florida market?

  52. DGM and DHRM spent the morning telling the DSMs as a group about severance, closing procedures and the like. They then took them in one at a time to tell them how they were affected. They could not discuss with each other how many they lost. Also, I am sure they were up front with the DSM at that time to let them know where they stood as well. Monday, the DGM and DHRM will start the process by coming to the branches to alert staff. Since most offices are in shopping centers, you can see the reaper pulling into the parking lot. Plus if you are safe, your DSM will let you know no later than Monday. More closings to come I am sure once the rebranding and the market is tested some more.

  53. Are there any managers on here that have gotten bumped? Does anyone know if you are a manager and you get demoted…how do they handle your salary? What about SA’s or BSM at Large positions?

  54. so whats the timeline over here?we dont find out anything on monday either?Its been a rough task keeping the staff motivated and everyone wants to know whats going to happen as far as if they are staying or not.whats the point of booking loans and f2fs if your not going to be working there no longer and might not even get paid for it?

  55. I have seen this happen when working with other companies. They tell you Friday that everything is fine. You then have a pleasant weekend only to come into work on Monday and find that everything has been taken out of the office except the light bulbs and carpet.

    I truly believe we are not going to be told until the last minute. For now they will look us in the eye and tell us that there will be no branch closings in our area and that things are fine and then expect us to “smile and dial.”

    My experience tells me that if a a xwife can look you in the eyes and tell you she is not sleeping around while at the same moment the guy from Best Buy’s Geek Squad is crawling out the back window butt naked…then I believe our upper management can look us in the eyes and tell us everything is ok.

    I suggest taking some money from “recog”, buy some vaseline, and when HR and your DSM shows up at your branch you will be prepared to make it somewhat less irritating when you get screwed over.

  56. Ok, so they close your branch and you are out of a job. If you are a viable canidate you should not have a problem finding another job, even a better one. It is those that are worried on this website that are the people who have not performed in the past 12 months and yes I would be worried if I were you.

  57. It is in your best interest to not have directed that to me personally. I just laid out what I have seen happen with other companies. You are not me, so do not be “worried” for me.

  58. Looks like pretty much all that we’re going to get is a phone call from your DSM if your office is staying open…..if you don’t get a phone call on Monday….expect to see “the assasination team” walking up to your door to tell you the news.

  59. All we can do is wait. I am in a top performing branch but it is more about your market area and how much it will cost the company to close your location. If it will cost less than the branch down the street that produces less loans you are done.

  60. Got the call on Friday from the Nor Cal DGM Joanne Barnes that our division is going the way of the dodo. All of California will now be operated under Mike Pinto as one division. We all should know by no later than Tuesday from the assassination squad if we get to keep our jobs. Meh, I’ve already started looking somewhere else. Cali is in some pretty deep doodoo with massive depreciation and record foreclosing. I say my chances are slim to none, but hey, I understand that this is business. Just sucks that this is coming right before the holidays.

  61. I start my new job on Monday at 8 am. I get to work until 5 pm and then home to see my family. Good luck to all!

  62. Stinky Pete, care to share where? This webpage will be very interesting in about 24hours. See everybody soon.

  63. anyone know which branches in jersey and pa are closing? Also what is the fate of these terminated Districts—packages or do they get the chance to demote a BSM and take their spot. It is dog eat dog out here. The atmosphere this week is going to suck. Can’t wait to go to work tomorrow.

  64. Yeah………24 hours from now….a lot of us will know what the hell is going on. Good luck to all.

  65. i highly doubt we will know anything thus week.i still think no one knows whats realyy happening…

  66. Research: DSM = District Sales Manager, DSRM=District Sales regional manager, DGM – District General manager, BSM= Branch sales Manager, DHRM= Division Human Resource Manager, SA=Sales Assistant, AE=Account Executive, SAE=Senior account executive (sales people), RGM- Regional General manager

  67. Not yet. I have a family member playing the waiting game down South and their DSM is “Out of the Office” today and no word at all from anyone else. Anyone have any news on the GA, SC, and NC branches?

  68. I truly wish you all the best.
    With 200,000 dislaced already since this time last year in the industry, now’s a good time to consider a new sector of the economy. Those of you who survive this round, get out there. By mid 2008, you’ll go through this one more time and those who do survive the Q1 hit (next wave of branch closure and realignment, will undergo such dramatic changes including salary and bonus structures that more closely resemble a bank (much lower income) that you’ll not want to be here anyway.

  69. update…one of the branch got hit today … the offer are BSM offer stepdown with 10K paycut and some AE still keep their job but some has been let go….

  70. alright heres the skinny , if your branch gets a dhl package address to your human resource manager, your branch will close and that hr manager will b in your branch that day ! be prepared the closings are quick.

  71. Does anyone know yet, what offices will be affected in Michigan. I know that our branch manager had a lot of closed door meetings on the phone with our dsm.

  72. Rolly, you seem to be pretty informed. Is it speculation? Whats your source of information.

  73. yep our office got the dhl package and we are closing…my manager was given the option of stepping down or quitting w/ severance of 90 days…they have not told the ae’s yet where we are going or if we are being pink slipped…they made one of us the absm until furthur notice…pretty much use us till we cannot be used anymore…please tell me my FATE

  74. It would seem so….

    I just want some information about how all of this is playing out…Can’t really make sense of what anyone is saying recently.

  75. Well, I’m not saying where I am from, but 2 offices closed in my district today. Two good, hardworking SA’s were let go, and apparently more lay-offs tomorrow for the AE’s. My DSM says he will have everything wrapped up by Wednesday. At least the throat-cutting will be quick

  76. In our district, a not so good DSM got demoted, which was a long time coming. Just a shame that it resulted in alot of other heads rolling as well. Alot of good BSM’s, SA’s, and AE’s. Who needs to worry about performance management. Obviously, “optimization” is a much more threatening animal.

  77. DSMs were given an exact time frame with when to roll out their “plan”–my branch was shutdown today…but there was no DHL package. Closings will continue until Wednesday. No one lost their job…..they are just absorbing employees into other branches. There will be MAJOR overstaffing, they know others will quit, etc.

  78. The whole operation is horrible people have families they sacrifice daily for this company. To come to work in the morning and face the assasination squad then to have to go home to that family that you neglected for the past 2 yrs for this company and say you were blindsided by a possible demotion or termination. What a way to say happy holidays to those who bust their hump for you on a daily basis.

  79. As a former employee, I really feel sorry for those at HSBC financial that will be losing their jobs possibly or going through the changes of the company in the next couple of years. I know full to well the pressures of working at beneficial/hfc(HSBC)and the total disregard to their customers and employees in the long-run. You never want to see anyone lose their jobs, but HSBC has it coming. I now work for Citifinancial where we are growing; 200 branches this year and 200 branches next year. Why have we survived?
    We work as a team. Management doesn’t have a hard-core attitute. We seek apprasials on our equity line-no stated value crap let allows AE to cheat. We verfy income, addresses, and employment on all personal loans. We collect on our accounts to control deliquency. And we market big-time via television and direct mail. We are now getting emails from our DM’s about capturing your market share and we are loving this. At Beneficial, I got treated like all I was a little AE and at Citi, my contributions mean something. We believe in putting the customer first and it works. Benefical isn’t worth it guys; there are greener pastures.

  80. Hey, oh boy… does that “teamwork” you are speaking of include stonewalling everyone and anyone who attempts to get a payoff from Citi? It’s like the Spanish Inquisition in order to get anything from ya’ll. Don’t start tossing around that non-sense about how you work as a team, etc etc. Just because you worked in a branch where the BSM was a jackass doesn’t mean everyone else is too. You haven’t survived per say. You had no meaningful market share at the beginning of this and you won’t at the end either. Once you increase your additional 400 branches, how far behind us in total money, accounts and overall branches? Shush for now little one and don’t use this forum as an outlet to pimp or push Citi.

  81. What is happening is very sad! We are all going to lose working with someone we have regarded as “extended family” due to the amount of hours we work. We can all be disgusted and mad, but we need to keep these people in our hearts and their families in our prayers. There are going to be alot of unhappy holidays out there. Let’s just hope they free up lending for the rest of us still standing.

  82. If Beneficial promoted a team oriented goal system rather than a competitive based branch struture; they wouldn’t be going through this mess right now. When I worked there; everybody was on top of everbody-doing stated value loans to customers and putting them upside down in their homes just to reach goal. When I tried to a good first mortgage down the road; I would hit a road block because one of my collegues put the customer upside down a few months earlier.

    Benefical teaches its employees to be greedy and push for loans that the they know that the customer cannot afford or sometimes the AE doesn’t know because little verification is required to do the loan as in the case with the personal loans. At Citi, when you verify the loans through proper documentation and are forced to collect on the loans at a further date, you ponder whether or not you want to just up and give someone a loan since you are paid on your branches deliquincy as well as your branche’s gain. This is the main reason Citi is thriving and will survive this mess. Look, you can never take away the subprime market; we all know that there is a need for subprime lending, but things have to be done responsibily.

  83. Benefical thinks like salespeople (car sales people)
    Citi and Wells Fargo who have insulated themselves from a lot of this mortgage mess think like bankers.

  84. If Citi is thriving so much, why did their stock hit a 52 week low recently and are writing off billions of loans just like every other subprime lender. I agree with the previous post about getting p/o’s from citifinancial. Many times I had to get my customer to walk into the branch in order to get anything even though the branch had a signed borrower authorization. Every company has positives and negatives. Unfortunately, all you see on this site is the negatives.

  85. Been There:

    Well…pretty soon we may all be getting payed like bank tellers…so I wouldn’t rub it in.

    Now back to the issue at hand….

  86. Stressed:
    True enough, but I guess I will cross that bridge when I get there. Personally, I would not be working as hard or the amount of hours I currently work for a tellers salary.

  87. I worked for both and citifi is a sweat shop. If I want to make 40k per year citi fi is the place to be. If you had done your homework on HSBC we eliminated the product in which you are speaking of a few months ago due to market conditions and depreciation. Keep working at citifi—-update your resume and get a position as a bill collector. At least they get a MONTHLY bonus unlike that fake ass quarterly POSSIBLE bonus you get from Citifi… When you want to make some real money try to get back in HSBC so you can get that fat REJECT…

  88. Found out today that my DSM is “retiring” who has worked for this company for 30 years and who’s only 52. Either he was forced a demotion and cut in pay or had the option of leaving via retirement. Didn’t hear anything today about my branch’s situation, but I’m sure it’s coming real soon. I should just bend over and let them get the rape over with. 8======D (_o_)

  89. DSM retiring what state? He/She hads been here that long they have a package that won’t quit. I am sure that package was not an option.

  90. Correct that? If you had done your homework, you would have found
    out that at Citi, we now get monthly and quarterly bonuses.

  91. Gang,

    I understand that this is hard. Just recently my branch was closed less then 30 days ago. I understand what you are saying about not knowing. If fact I feel the same way right now, not knowing.

    But, with one branch closing it made the other stonger, ie more leads, more opportunity. I am not going to say that it was easy seeing good people leave. We cried together just as much as we laughed together.

    Business is better and we are booking loans. I am old enough to know that the grass is not greener. Citi is having their own problems loosing 11 billion dollars in just 3 months.

    11 billion dollars will make a company really think. If fact they have chosen to start with a new CEO and are looking from the top down since the last managment lead the company to the ground.

    Please be aware that the shareholders of Citi Group are pissed and are looking for answers quick. (Not that it makes me feel better that other people will be jobless soon.)

    I know this is so hard for everyone being effected. It’s the not knowing that is the worst. Please remeber that all of you where hired for a reason. Everyone of you have somthing that was great or you wouldn’t have made it this far, no one can take it away from you.

  92. to oh boy on—glad to hear citifi now gives monthly and quarterly bonuses now you make 42k instead of 40k trust me I know the salaries. If you were truly happy their you would not be on this site HSBC. Next fight should be across w2’s because trust me I am going to ride this storm out and with layoffs and bad products (so you say) I will TRIPLE your earnings this year and to (SOME) that is what matters and that is what makes HSBC the best. Peace.

  93. frankly i could care less about citi..or what any citi employee thinks I will say this …if citi had a bonus structure that paid a performing ae upwards of 5k a month,+ base salary… i bet all those citi “bankers” would start thinking alot more like citi “sales people”….. with that said, lets dispense with all the sermons, get down off our soapboxes and get back to using this site to share information about closings. Nothing was communicated to any of the branches in Northern or Central New Jersey today. We are expecting the ball to drop tomorrow.

  94. kentucky is losing their lending liscence completely—hfc/beneficial will no longer do business in the state of kentucky

  95. How reliable is your information regarding KY losing their lending license?

  96. hey jersey, I am hearing conflicting information about kentucky. Where is your information coming from ?

  97. what’s it worth to me? not sure what can be offered in the way of a bargaining tool in this medium.

    fannie mae has stopped buying mortgage loans from bene/hfc ky because of the binding arbitration clause.

    not sure an entire state would be eliminated.

  98. in areas where the closures are slim/selective, anyone know how closely they are following the last HPM?

  99. in regards to the citifi workers…. an AE in my branch used to work for citifi and LOVES working for HSBC. He states that he could MAX at 35k when he was there(important to note this was 4 years ago). also i don’t know about anyone else but i work in the heart of philadelphia and im DAMN sure not going to some of the places where our customers live and trying to collect. get the fuck outta here im not getting shot. our BSM has been here for 20 yrs and she used to have to collections before the merger and she has all kinds of stories of people pullin guns on her. NO WAY. I had collections call one time and ask me to do a field call in hunting park. GET THE FUCK OUTTA HERE. you want me to go to the middle of the ghetto and ask two spanish people for $300.00 bucks? Give me a million dollar life insurance policy and MAYBE id consider it.

  100. does anyone know anything about keystone? or for that matter anyone what to be specific in terms of where these closing are? at least what division or district?

  101. not sure on anything Keystone heard a bunch of rumors but nothing in stone all on western side of state

  102. On the HPM- it depends on the staffing in your state. In our state they kept ALL of the AEs—–even the crappy ones because so many other AEs had already quit.

  103. What’s the deal with the confidentiality agreements being forced upon employees in the affected offices that got the DHL packages? Remaining employees absolutely will not speak a word of what’s going on for fear of immediate termination of employment or being sued for defamation of character upon the company. Is this really handling things in the most professional manner possible or is this yet another example of strong arming employees the way customers are treated. For all those so absolutely sold on how great it is to work for HFC/Beneficial keep drinking the Koolaid, may numb things down a bit when it’s your turn to take it in the end.

  104. Does anyone has the list of closings? My DSM was in the office last night and siad we would know by Tuesday, but he already knew!!

  105. Anyone know how far back they went when reviewing branches for closing….i heard 1 year…

  106. Kind of odd that a site the shows how horrible HFC/Benefical really is has now been overrun by their employees worried about their jobs.

  107. Hmmm – should we not be worried about our paychecks that are used to support out families when there has been a monumental failure on behalf of upper management? I suppose you think it’s the low performing employees faults, or the economy overall. I’m sorry, I guess I should just thank HFC/Beneficial for the opportunity for employment and then go smiling all the way to the unemployment line. Seems to me you had too much of the koolaid.

  108. Being concerned about one’s future is one thing. But, to have so many employees post their concerns on a site which clearly shows how HFC/Beneficial hasn’t been all to concerned about the future of it’s customers is ironic, IMO.

  109. Someone said “Remaining employees absolutely will not speak a word of what’s going on for fear of immediate termination of employment or being sued for defamation of character upon the company.” The legal defense for defamation is the truth. If one’s statement or uttering is the truth there is no defamation. Forcing one to sign a confidentiality agreement and non-compete agreement is just part of doing business. Note that HSBC has not issued a press release about these closings and layoffs, although restructuring certainly saves HSBC money.

  110. Do a google news search for HFC Beneficial and you will find a couple of stories about the branch closings. No real answers…but it has been in the press.

  111. There are still emPloyees sitting in Carmel doing nothing, just waiting for their severance the first of the year. Many of them brought in Putters and are hitting golf balls around the building. Those being obsorbed by other branches are just being Put in a holding Pattern until the comPany is done with them. Once all the ducks are in a row, the shooting will begin. Some are right in here that this will only be the first wave. Where there are HFC and Ben Branches in the same center my bet is HFC will be closed. And somewhere down the line if Citi is growing then some of those Bene branches will be sold. Plans have been told on the internet new articles that HSBC will oPen 30 bank branches in California. More conversions? Less Pay? You bet but that is the Plan for the entire country in all industries. Better get used to it. And dont exPect answers, they will use you until they are ready to let you go. They are even hiring in some Places not giving consideration to those that might transfer. Why hiring? Attrition. In other words bodies are needed until the end finally comes.

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