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Warren Buffett in his latest letter to shareholders says there are three kinds of acquisitions – The Great, The Good and The Gruesome. HSBC’s landmark purchase of the US sub-prime lender Household International in 2003 now looks firmly parked in the third category.
With laudable candor, HSBC has laid out just how badly that business, which trades under the HFC banner, is performing. In every product line, from mortgages to credit cards and car loans, defaults are worsening fast. Loans in the final quarter were souring at the astonishing rate of $51 million a day.
In the United States the division is HSBC Finance, made up of HFC, Beneficial Finance, auto loans, and a credit card business. In addition to credit cards bearing the HSBC name the division issue private label credit cards for merchants. Users frequently complaint about the amount of time to process payments and HSBC often says payments were received past the due date, but often only one day after the due date.
This article, HSBC said to be losing $51 Million per day, 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.
