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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 ’

8 April
Posted in Jobs and Layoffs
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HSBC Card Services In Tulsa To Close former Metris location

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. “We greatly appreciate the dedication and contribution [...]

30 March
Posted in General News
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HSBC Finance Director Flint on Lloyds shortlist

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 [...]

23 March
Posted in Subprime
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HSBC subprime lawsuits and class action status

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. A few of the top firms originating loans in Northwest Indiana [...]

5 March
Posted in General News
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HSBC misses overall 2009 profit expectations

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 [...]

5 March
Posted in General News
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HSBC Finance yearly loss deepens

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. Loss from continuing operations before income tax benefit was US$10.07 billion, compared to a loss of US$3.92 billion [...]