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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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Leaving Beneficial is like losing family

I was an employee of Beneficial for 11 1/2 years. Although I have been very unhappy with the company’s operations for several years, I stuck it out because I was good at what I did, I treated my customers well, and I really enjoyed the people I worked with. All of that changed on Sunday, March 1, around 11 pm.

I looked on Vanguard and saw the market news. I saw on Friday evening how HSBC was selling off 18 billion in shares, so I knew we (HFC/Beneficial) were done, but when I saw the confirmation on Sunday evening, my heart sank. I wondered if anyone else had seen it. I tossed and turned all night. I debated on whether or not it would matter if I wore jeans to work or not. Well, when I got there, I tried to log in, failed. Tried again, still failed. Called the help desk (even though I really knew what was going on), and they said to talk to my manager.

I simply went in the back and got a box and started packing. Every birthday card had a memory. Every award was attached to someone or something from this company I hated. Three boxes later, I was taking things out to my van, smiling, thinking of how I was finally free. Then, the first employee said goodbye. I couldn’t stop the tears. It was real. We were done. It was over.

I listened to the DSM conference call (thankfully enough I think it saved my BSM from having a meeting with us) and took close notes. Then, the second employee left…more tears that I couldn’t hold back. Another conference call at 2…should I stay or should I go? Something in me forced me to stay….I just wanted to hear Tom Detlich tell us himself that we were done.

I got on the phone, called who I could. Spoke to my husband and simply said, “It’s over.” He knew what I was talking about. I spoke to old managers, fellow AEs, and even my District Manager, who was my Branch Manager years ago. I was crying so hard, I could hardly speak. He was still in shock. I heard the sound of Tom’s voice, and had to listen. He was sincere and thoughtful in his words, but it didn’t change anything.

The call was over, time for me to do my exit checklist. I was fine with everything, then my BSM had to sign the form. He told me that he just couldn’t do it. It was like pulling the plug. It was official, I was no longer an employee of Beneficial.

I got up to go. Gave our QAC a big hug, and nearly drowned from the tears. Hugged my SA, and she was unbelievably strong. My BSM walked me outside. He gave me a hug. We admitted to having our differences in the past, but how this was different. We wished each other luck, then I drove off.

Losing my job wasn’t the bad thing. The company is giving me a decent severance package and health insurance longer than I expected. The unemployment is higher than what I was getting on my net pay. This is a good thing…..but I lost my family of 11 1/2 years. I have no idea where they are going, if they will land on their feet, or what they will do. That is what is killing me….I lost my family.

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