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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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HSBC Auto In Branch is dead while mortgages may be next

This message was received today: “AIB (auto in branch) has been dead for a while. Insiders say mortgages are next to fall. The company has rookie managers in charge of branches and they can’t work a calculator. It gets worse; same old tactics with insurance and security products. If the Justice Department is not watching, they should. The ax is falling and should go all the way. Anyone who thinks they are safe is fooling themselves. Unsecured loans will not support a company needing $50 billion to stay alive. This ship is on the way to the bottom. Emerging markets cannot sustain the losses.”

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