HSBC, whose advertisements play on how one image can have different meanings in different cultures, appears to have settled on a single view of the U.S. consumer: you’re not worth the risk. The global bank, whose billboards proclaim the importance of local knowledge, said it would shut most of its U.S. consumer lending business with the loss of 6,100 jobs.
“With the benefit of hindsight, this is an acquisition we wish we had not undertaken,” HSBC Chairman Stephen Green said of its 2003 acquisition of Household, which was renamed HSBC Finance.
At Trading Places, we like to give people hit by job cuts a place to share information. So if you’re an HSBC employee, tell us what’s happening in your office.
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12 comments so far
I’ve read two articles on Reuters today about HSBC. Neither article gives the full name of HSBC.
What is happening to Journalism?
- Posted by Darrell HunterMaybe that has something to do with the variety of names the company has around the globe:
- Posted by Mike Lhttp://www.hsbc.com/1/2/contact-us
In working in the banking sector. I think its imperative that we hold on, It’s going to be a tuff strecth. But God willing if we can be patient and smart we will get through this.
- Posted by ian kYou can check out this page on the HSBC site to learn more, but the company goes by just “HSBC” - the acronym is now their name and no longer stands for anything.
http://www.hsbc.com/1/2/investor-relatio ns
- Posted by Joseph EasterThe use of HSBC is part of the global branding strategy.
- Posted by IMO JoeThe Hongkong and Shanghai Banking Corporation
- Posted by RobertTo clarify:
The abbreviation (not acronym) “HSBC” originates from “The Hongkong and Shanghai Banking Corporation”, which is, in turn, the founding member of the HSBC group. HSBC is a wholly owned subsidiary of HSBC Holdings plc (incorporated in England).
- Posted by MikeHSBC is the best company to work for.
- Posted by kevin xuHSBC use to be world’s local bank but now its no longer local bank.
- Posted by A ShahHSBC charges any and all fees possible to get every dime possible out of unsuspecting consumers.
- Posted by James RThe Household Unit they are refering to preyed on those with bad credit.They charged high interest rates and all the fees they thought were legal and could get away with.
I feel sorry for the unemployed. Otherwise I say good riddens.Just another financial cancer
recently laid off by hfc. people looked at us as predatory but remember that hfc didnt sell bad loans to freddie mac like all other lenders. hfc didnt sell interest only or adjustable rate loans like all the other companies. hfc didnt do purchase loans at all only refinancing. and the bad loans were the adj rate and 80 20 splits, etc. 6000 people lost their jobs because poor people dont pay loans back at any rate.
- Posted by hfcI bank with HSBC in NY. The bank stays open till 7.00 PM on Thursdays… which I find is cool. It is also open on Saturdays for half a day. I think the problem with HSBC is more of its Household unit that it acquired a couple of years ago.
- Posted by Jerry