Trading Places

Inside views on the jobs market

HSBC’s local knowledge: not so good in U.S.?

Photo
-

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.

  •