HSBC gets rid of mortgage brokers and more employees

New from Buffalo New York speaks to HSBC layoffs again. This time mortgage brokers – you know how they are regarded these days – are once again in mourning over HSBC’s decision to shut down wholesale and correspondent lending. HSBC will stop originations through the two “channels” effective immediately, citing “unprecedented market conditions,” according to a memo sent to all brokers and obtained by The Buffalo News. Did somebody leak the HSBC memo? Who would have ever thought that might happen?

Continue reading HSBC gets rid of mortgage brokers and more employees

Insider reports 102 HSBC branch closings

“It is confirmed. 102 branches closing in the United States! HSBC has proven again that they really don’t care about their people when it comes to making choices. Meetings are in progress starting October 29, 2008 and the districts will be communicating their managers some time next week. We are going from 13 divisions to 9 divisions in the country. The major impact will be in Florida, California, and Arizona. Four DGM’s in the country are being asked to step down or offered severance package. Don’t have exact numbers how many DSM’s, BSM’s and sales staff will be impacted. But again it’s that time of the year where HSBC is laying off people during holiday season like they did last year in 2007.”

Continue reading Insider reports 102 HSBC branch closings

HSBC Consumer Lending is largest subprime lender in America

Did you think HSBC Finance was gone, or exited the subprime market? HSBC has been quiet, but HSBC Finance is not gone. They are called HSBC Consumer Lending and they are still in Prospect Heights Illinois. As for subprime, according to National Mortgage News, in the second quarter of 2008 HSBC Consumer Lending was the largest — #1 — subprime lender in the United States. Here are the names and positions:

Continue reading HSBC Consumer Lending is largest subprime lender in America