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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 USA ’

15 November
Posted in General News
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$4.3 billion loss for HSBC in U.S. as losses continue

HSBC said third-quarter profit rose even as it set aside $4.3 billion to cover bad loans in the U.S. and forecast “further deterioration.” The U.S. unit “declined markedly” because of consumer and corporate loan defaults. The $4.3 billion total was more than analysts estimated, thinking HSBC would only lose about [...]

12 November
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HSBC Finance not viable says JPMorgan analyst, Detelichs role questioned

This morning news from Hong Kong, the original home of HSBC (Hong Kong Shanghai Bank) tells us something we already knew back when William F. Aldinger III sold predatory lender Household International to HSBC. One JPMorgan analyst, Sunil Garg, said HSBC Finance Corp, the bank’s consumer-lending subsidiary in the United [...]

3 November
Posted in General News
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HSBC Business Solutions and HSBC Consumer Credit

New names to watch are HSBC Business Solutions and HSBC Consumer Credit. Business Solutions appears to be private label credit card and merchant credit card operations, while HSBC Consumer Credit appears to be HFC and Beneficial Finance. As John McCain, Barrack Obama and Sarah Palin can tell you, it has [...]

29 October
Posted in Subprime
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No TARP for HSBC

Thomas Hartley of Business First of Buffalo reported that HSBC USA has no plans to take part in the federal government troubled asset relief program (TARP). The article “HSBC Passes On Federal Program” says HSBC supports the U.S. government’s efforts as part of ongoing public and private initiatives to address [...]

28 October
Posted in Subprime
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HSBC exposure to subprime

HSBC tumbled 13.5 percent on Friday October 24 as investors focused on the bank’s exposure to the American mortgage market and the impact that rising corporate defaults could have on their credit derivative exposure. Exposure? In reality HSBC was, and is, heavily involved with American subprime, thanks to Household International [...]