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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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27 September
Posted in General News
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Investor files FINRA claim against HSBC

FT. LAUDERDALE, Fla., Sept 26, 2011 /PRNewswire/ — A Honduran investor has filed claim against HSBC alleging that an investment described as a “Washington Mutual” perpetual bond was not a bond at all, but a derivative mortgage backed security, created by Washington Mutual, to take toxic home equity loans off [...]

11 September
Posted in General News
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HSBC Household not registered to do business in Alabama?

LM in Alabama asks: “Looks like HSBC a/a/o Household Finance Corp of Alabama in 2008 and 2009 have numerous lawsuits which resulted in consent judgments and default judgments against the debtors. The interest rates in the consent judgments are exorbitant, and many of the complaints start as HSBC is a [...]

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 [...]

10 September
Posted in Jobs and Layoffs
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HSBC loses Gulliver successor to BlackRock

Mark McCombe, the chief executive of HSBC Hong Kong and regarded as a potential successor to Stuart Gulliver, group chief executive, is leaving the bank to head BlackRock Asset Management’s Asia business. The bank said on Friday that Anita Fung, most recently the head of global banking and markets for [...]

25 August
Posted in General News
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HSBC loses tax fraud court battle

One of France’s highest courts rejected a plea on Wednesday by a Swiss unit of HSBC bank that a French government database of citizens holding bank accounts abroad should be blocked as an excess of power. In the decision, the Council of State said that the budget ministry in 2009 [...]