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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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Posts Tagged ‘ HSBC Finance ’

9 May
Posted in Subprime
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Five year shutdown for HSBC Finance

HSBC was elevated to the unenviable position of biggest U.S. subprime mortgage lender after buying Illinois-based Household International Inc. six years ago for $14 billion. It announced in March that it would shut the unit, renamed HSBC Finance, over the next five years. The bank said bad loan provisions at [...]

8 May
Posted in General News
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HSBC finally has a profitable quarter

HSBC said its U.S. business made a quarterly pretax profit for the first time in nearly three years because of lower loan impairment charges, marking a major step for the bank after losing tens of billions of dollars from subprime lending in its U.S. consumer finance division. Relative to HSBC [...]

26 April
Posted in General News
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When HSBC shuts the only bank in town

HSBC has fewer friends and loyal customers in England. HSBC is axeing nonprofitable branches, usually in small towns or villages and run part time. Although banks have an absolute right to shut unprofitable branches, no one should underestimate the damage such closures do to communities, especially in towns and villages [...]

21 April
Posted in General News
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HSBC wolf in sheeps clothing

In a news article today HSBC teamed up with the group Students In Free Enterprise. In the past HSBC started websites such as “Your Credit Counts”, and claimed to be aligned with financial literacy programs in the US. Whether HSBC discusses losses at HSBC Finance is doubtful. Also most likely [...]

17 April
Posted in General News
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HSBC sues collector, paid them 25 percent of amount collected

A Chicago debt-collection law firm has been sued by HSBC Finance Corp. for more than $400,000 in missing funds that were supposed to be held in trust for the bank. HSBC fired Friedman & Wexler LLC in January after it discovered the firm had insufficient funds in its bank account [...]