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HSBC received some good news after a positive comment from Goldman Sachs. The US bank reckons that HSBC Finance will stop being a major drag on HSBC’s earnings from 2010 onwards, earlier than previously expected.
HSBC Finance, formerly Household International, was purchased by HSBC in 2003. Seven years will not turn a profit for HSBC in this area. Losses are simply not as staggering.
Goldman Sachs has upgraded HSBC from ‘neutral’ to ‘buy’ and raised its price target from 580p to 820p.
Many people ask why it took so long for HSBC to resolve issues at HSBC Finance. The only operational part of the business is HSBC Finance credit cards. HSBC closed all other aspects of the company.
This article, Goldman Sachs predicts 2010 for HSBC Finance, is just one of our articles from The HSBC Monitor, Part 2 – News and Complaints Behind the Scenes
The HSBC Monitor monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
