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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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7 July
Posted in General News
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Supreme Court justice orders HSBC CEO to court

Wednesday, July 6th 2011, 4:00 AM — A Brooklyn judge has ordered the head of HSBC to appear in court and explain why it should not be penalized for submitting false documents in a foreclosure case. In a scathing decision issued Friday, Supreme Court Justice Arthur Schack dismissed HSBC’s case [...]

29 June
Posted in General News
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HSBC client charged with tax evasion in US

WASHINGTON (Reuters) – An HSBC India client living in Wisconsin was indicted on Tuesday for hiding more than $8.7 million in offshore accounts and filing false U.S. income tax returns, the Justice Department said. Arvind Ahuja, a neurosurgeon and U.S. citizen, was indicted on four counts of hiding the accounts, [...]

13 June
Posted in Jobs and Layoffs
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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 [...]

1 July
Posted in General News
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No free checking from HSBC but other strong banks have it

Passage of increased regulation and scrutiny of United States banks resulted in apparent moves away from free checking on the part of Bank of America, Wells Fargo, and HSBC, according to recent reports. The move by Bank of America, Wells Fargo, and HSBC does not come as a big surprise. [...]

1 July
Posted in General News
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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 [...]