HSBC Ends Credit Card Business

HSBC said it aimed to slash up to $3.5 billion in costs and cut back in retail banking, to lift its return on equity. As part of this it is deciding whether to keep its U.S. card business, where its customer base is not linked to the rest of the group. HSBC’s credit card business may prove to be another liability instead.

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Mexican drug trade touches HSBC

Do you think violence and drug wars will spread to U.S. soil? A recent television report showed how Colombian cartels now sell their drugs to Mexican drug runners, thus the Mexican drug trade has more product to push. Not all drug runners are unsuspecting truck drivers, or people driving across the border. For instance a DC-9 jet carrying 128 black suitcases, packed with 5.7 tons of cocaine, valued at $100 million, was purchased with funds laundered through Wachovia Corp. and Bank of America Corp.

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