UK – May 25, 2007 — Further evidence that the profits of Britain’s banks are being hit by customers reclaiming bank charges emerged yesterday when HSBC admitted it was feeling the repercussions of a customer revolt. Guardian Unlimited reported the story.
Unfortunately in the United States a full revolt has not been seen, but consumers are educating themselves. As HSBC, which is headquartered in London, makes strong moves into Islamic banking, Americans are taking notice. HSBC stands for the Hong Kong Shanghai Bank Corporation. As foreign investments and perceived foreign interaction effects US gas prices anyone considering a credit card, mortgage, or car loan from HSBC might think twice. HSBC’s problems are compounded by the fact that they own former predatory lender Household International, now called HSBC Finance Corporation.