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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 Private Bank retrenchment insider report

Household – HSBC Watch was informed of the following. It is unconfirmed and comes from an insider: HSBC Private Bank’s human resources department in a certain SE Asian location had shown questionable basic human courtesy or treatment to long-time serving employees as they were retrenched in a sudden traumatic manner with no least warning.

Long-time serving staff of up to a decade long of service including certain good performers were also retrenched suddenly, leaving with them deep psychological shock.

The affected ones were denied access to the HSBC building on the ground floor as their computer passes were deactivated suddenly on a fine weekday morning. Then, they were escorted by a HR staff or other unaffected staff to collect their retrenchment letter immediately and were told to pack their personal belongings and themselves away quickly under their watchful eyes.

Most were packed off from the bank in less than 1-2 hrs. Some affected staff were seen crying due to shock and even unaffected staff who saw all these happening in full public view also shedding tears.

On that fateful day, some staff however were still having a good holiday overseas and were called suddenly on the phone that they were affected too. Some were in a movie with their family and were recalled to return to office urgently to receive their retrenchment letter on the same day causing them to be in a state of shock.

Those overseas or on leave were denied access to their personal desk from their fateful day and their personal belongings were packed by others for them in a box to collect on another day.

Clients could not reach their ex-bankers’ by phone on that day bec their paid mobile phone lines were immediately cut off by the bank.

Next, as soon as these staff were told that they were redundant even though they were told they were good performers by the same bank recently, the bank had already prepared new senior staff to replace them.

This is the “kind” staff treatment employees get after working so hard for the bank. Treated staff like disposable napkins. Hopefully, bank customers will get better treatment than staff.

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