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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 ‘ layoffs ’

11 September
Posted in Afterthoughts
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HSBC decisions reflect current economic woes

WK in Illinois said “I have followed HSBC/Household Watch for some time and I spent 10 years there as an employee before I was “retired” in 2006. It is interesting to read accounts about how HSBC deemed the purchase of Household International a bad decision. It’s nice of them to [...]

28 July
Posted in Jobs and Layoffs
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HSBC may cut 10,000 more employees, has a problem

HSBC said it will also sell, shut or slim down retail operations in 39 markets, where operations are sub-scale and unprofitable and is looking to sell its U.S. credit card arm and shrink its network of 475 U.S. branches.

31 May
Posted in General News
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Notification of foreign call center transfers

Here is some news that will certainly effect HSBC in the United States. In a bid to reduce outsourcing of U.S. jobs, a Democratic senator said on Sunday he will push legislation to make companies inform customers when their calls were being transferred outside the United States and charge companies [...]

22 November
Posted in Jobs and Layoffs
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HSBC Finance Corp to Close Net Park Facility in Tampa

In an effort to improve efficiency in servicing operations HSBC Finance Corp. has announced plans to close its Net Park facility in Tampa in mid-2010. A quarterly filing with the Securities Exchange Commission on Tuesday revealed, among other things, that HSBC had spent the last two years examining ways to [...]

29 October
Posted in General News
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UBS forecasts $2.7 Billion loss HSBC Finance

UBS is not keen on HSBC’s Household International business in the United States. Now called HSBC Finance, USB predicts more losses. HSBC Finance is laying off workers and firing others. UBS reduced its target by eight percent and kept a neutral rating, partly on concerns about HSBC’s American business Household. [...]