HSBC Card Services confirms that it will close HSB card Services in Tulsa in September. The credit card collections agency, part of HSBC FInance, employs close to 500 people. The Tulsa facility is located at about 129th and 51st Street in east Tulsa.
Lloyds Banking Group has drawn up a shortlist of candidates to replace chief executive Eric Daniels. Among those identified for the top job at the struggling lender are Douglas Flint, the current HSBC finance director; Mark Tucker, the former Prudential chief executive; and Naguib Kheraj, previously chief executive of JP Morgan Cazenove and a former Barclays finance director.
A new report from Indiana highlights some of HSBC’s troubles relative to subprime. The Times found that 20 lending institutions approved mortgage loans that accounted for 61 percent of subprime loan dollars in Lake and Porter counties in 2008.
HSBC reported a smaller-than-expected profit for 2009, with earnings of $5.83B vs. consensus of $7.76B. Impairment charges and other risk provisions rose to $26.5B for the year from $24.9B in 2008. Chairman Stephen Green acknowledged that “huge challenges and risks remain for all of us,” though “our track record of delivering results through adversity, and at all stages of the economic cycle, remains intact.”
HSBC Finance Corp. reported results for the year ended December 31, 2009.
The company posted net loss of US$7.45 billion, compared to a net loss of US$2.78 billion in the previous year.