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We received this editorial via email: I believe H.S.B.C. to be a fine institution. The problem is they purchased Household International whose Management had failed, then allowed them to stay in power. The same management ran it into the ground the first time and now they are doing it all over again with their obnoxious ways. They like to paint a picture of pure and white to the outside world by supposedly doing it the “right way”.
Try to make a loan without selling/forcing insurance on it and you will pay the price. You will be required to keep extra logs, make additional comments onto the accounts, attend drill down meetings and call the Insurance Reps daily so you pay dearly for not writing it. Or, simply succomb to what management wants in the first place, insurance written on the loan for the additional profit. Not for the customers benefit as they preach as the company would prefer to pay no claims, but for the pure profit of the product.
Management will have conference calls to explain how good they treat everyone and how much what we do benefits the customer and the community…Wow, 12 and 13 percent interest to a desperate person who has no where else to turn and pack on the insurances (Joint Life, Disability, Unemployment, Home and Auto) and watch the payment increase over $300+ per month along with the 13% interest. Real touching story Household Finance and anyone that believes it needs to pray for foregiveness if envolved with this type managment.
It’s amazing to hear the DSM’s, RGM’s, DGM’s all talking up our great company, our legacy…and if you listen closely you hear the desperation of the speaker trying to hold on to his position and salary by brainwashing the branch staffs. Staff is not bonusing and the bonus is not fair and there are no programs to sell that help. Cost of funds are NOT up for H.S.B.C. and we do NOT go on the open market for our funds. All lies and manipulation of the facts to somehow convince the vulnerable that what we are doing if the right thing…
You cannot run a company based upon a Black Box or Computer generated decisions any more than you could have a Football team decide plays based upon a computer. Underwriting department with employees who have never worked in a branch and have no idea who will pay or not. It’s all set up to fail unless current management is eliminated, and strong, experienced and talented help is brought in. Youth is not the answer and nor is 85% turnover every two years.
This article, Editorial – Replace HSBC Finance management and stop brainwashing, is just one of our articles from our Bank Horror Stories, HSBC Secrets Part 3
Bank Horror Stories monitors banking problems and customer complaints and has done so since 1999. Writers hold no stock positions. Some material is used under the fair use copyright act.
We use Thomson Reuters News Service Calais in all production material but are not associated with Thomson Reuters, banks, or financial institutions in any way.
