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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HFC and Beneficial culture and HSBC changes

This is the opinion of the submitter: “I saw your post regarding licenses for BSMs. I want to add some color around that. HSBC NA, through the retail consumer finance channel (HFC/Bene), is rapidly working to shift from the old high rate/points subprime lender they’ve been for decades to a streamlined FHA, money for the ‘people’ type of operation in an effort to survive. Survive it won’t.

1) Fixed costs of branch operations far outweigh revenue that new model can generate.
2) Culture is not compatible with future model
3) Compensation structure on new model does not meet former and current expectations of the folks running the operation from the Regional level down to the Account Executive.
4) Licensing requirements will eliminate loads of existing staff from eligibility to remain in current positions.

Should I go on? Only the ignorant within the existing skeleton that was once the mighty HFC and Beneficial would be doing anything right now aside from dropping their CV/resume on 1000 recruiters today.”

Posted By Timothy Blake

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off