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Citigroup Inc. is abandoning a push to open as many as 100 branches a year in the U.S., concluding it had little chance to dislodge entrenched rivals in several markets. Barely two years after introducing the strategy, executives at New York based Citigroup now intend to sell or close some of the newest Citigroup locations. HSBC has the same strategy to expand in the United States but is hindered by brand recognition. HSBC’s HFC and Beneficial Finance are recognized as high-interest lenders associated with tax refund loans, predatory lending, and Household International. Word on the street is that HSBC will rename some U.S. operations. Will branch expansion continue for HSBC?
Citigroup called for 70 to 100 new branches a year in places where Citigroup already had credit-card, student-loan and brokerage customers. HSBC could do the same thing, but credit card customers must first be assured that HSBC credit card payments will be applied in a timely manner. Late application of payments, often one day after the due date, is another problem HSBC inherited from Household International. Many customers, and some former employees, say the practice continues today, under the protection of binding arbitration. Customers find it too expensive or prohibitive to fight.
This article, Citi halts branch expansion – what about HSBC?, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
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