An Obituary for HSBC Consumer Finance

What happens when HSBC dives in to subprime, takes a huge multibillion dollar loss, turns tail and runs away from customers, and alienates as many US citizens as possible? Wells Fargo has become the largest Western bank when measured by its stock market value after it leapfrogged rivals HSBC and JP Morgan last year. I …

UMUC still aligned with defunct predatory lender

Today we revisited the University of Maryland at UMUC. The tie-in involves Household International and HSBC Finance. We examined the story long ago, openly stating that UMUC had no business aligning the university and the U.S. military with a predatory lender. Through it all, and as HSBC Finance closes their doors forever, UMUC still maintains …

HSBC’s Tom Detelich and MMI PHASES raises questions

HSBC is donating (if that is the right word) money to help with foreclosure prevention. We view this announcement with reservation, since foreclosures and lack of response by HSBC are still reported by homeowners. However, Money Management International (MMI), a nonprofit credit and debt counseling and education agency, today announced the official launch of their …

HSBC to acquire Pakistani bank

The international bank, Hong Kong Shanghai Bank (HSBC), has decided to expand its operation in Pakistan and started negotiation to acquire Pakistani Prime Commercial Bank (PCB), a Pakistani newspaper reported on Friday. Negotiations have started between experts of HSBC and PCB’s high-level officials, and PCB has shown willingness to sell out its whole operations, the …

New HSBC Award Without Merit

HSBC Group is the overall winner of the first edition of the UK’s Financial Times Sustainable Banking Awards. The award, recognising the bank’s leadership in integrating social, environmental and business objectives in to its operations, saw HSBC coming out top from a total of 49 financial services companies. Sustainable banking means meeting the needs of …