$this->bbcode_second_pass_quote('', '(')Reuters) - HSBC Holdings PLC plans to halt U.S. personal loans and mortgages, the Wall Street journal said on Sunday.
* Will continue to provide credit cards - wsj
PeakOil is You
Hang Seng Bank Co to halt U.S. personal loans, mortgages
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Hang Seng Bank Co to halt U.S. personal loans, mortgages
by eXpat » Sun 01 Mar 2009, 19:42:15
http://www.reuters.com/article/ousiv/idUSTRE5202AP20090301
http://www.cnbc.com/id/29454951
Time to join the unemployed queue for some...
"I learned long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it."
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
-
eXpat - Intermediate Crude
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- Joined: Thu 08 Jun 2006, 03:00:00
Re: HSBC to halt U.S. personal loans, mortgages
by eXpat » Mon 02 Mar 2009, 11:51:35
HSBC is having a great time after that announcement!! Really!! 
Trading in HSBC shares suspended in Hong Kong
$this->bbcode_second_pass_quote('', 'T')rading in shares of HSBC Holdings was suspended for Monday's session in Hong Kong, pending what the bank called "the announcement of a corporate action," as the company was expected to reveal a pullback from its U.S. consumer lending business.
The banking giant is also due to announce its 2008 earnings report later in the day.
Shares of HSBC's Hong Kong-based subsidiary, Hang Seng Bank, dropped 4% ahead of its own results for 2008.
Trading in HSBC shares suspended in Hong Kong
$this->bbcode_second_pass_quote('', 'T')rading in shares of HSBC Holdings was suspended for Monday's session in Hong Kong, pending what the bank called "the announcement of a corporate action," as the company was expected to reveal a pullback from its U.S. consumer lending business.
The banking giant is also due to announce its 2008 earnings report later in the day.
Shares of HSBC's Hong Kong-based subsidiary, Hang Seng Bank, dropped 4% ahead of its own results for 2008.
[url]http://www.marketwatch.com/news/story/trading-hsbc-shares-suspended-financial/story.aspx?guid={D04F335E-6AAE-4E1A-856B-82A9C7C7B6FB}&dist=TNMostRead[/url]
Hang Seng Bank Profit Drops 46% on Lower Fee Income
$this->bbcode_second_pass_quote('', ' ')March 2 (Bloomberg) -- Hang Seng Bank Ltd., majority owned by HSBC Holdings Plc, posted a 46 percent drop in second-half profit because of lower fee income and named Margaret Leung as chief executive officer.
Net income dropped to HK$5.04 billion ($650 million) in the six months ended Dec. 31 from HK$9.38 billion a year earlier, based on full-year figures reported by the company today. Leung, who is currently HSBC’s global co-head of commercial banking, will take over in May from Raymond Or, who is retiring.
Hang Seng, the largest Hong Kong-based bank by market value, and rivals are reporting falling earnings as the city’s first recession since the 2003 SARS epidemic reduces demand for wealth management products and raises credit costs. Loan impairment charges and credit risk provisions rose almost five times to HK$2.78 billion.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aena.T5KVLyw
HSBC in the US
LONDON (MarketWatch) -- Banking giant HSBC Holdings said Monday that it will shutter much of its U.S. consumer lending business and raise 12.5 billion pounds ($17.7 billion) from shareholders after reporting a 70% drop in profit for 2008.
$this->bbcode_second_pass_quote('', 'T')he bank said it will shut down the branch network of its HSBC Finance arm in the U.S. leaving only the credit card business to continue operating. The closures will result in 6,100 job losses.
Net profit for 2008 dropped 70% to $5.73 billion from $19.13 billion.
HSBC said shareholders will have the right to buy five new shares at 254 pence each for every 12 shares they own.
That method of fund raising, called a "rights issue," is popular throughout Europe.
The share sale is at a 48% discount to Friday's closing price of 491 pence and is intended to boost the group's capital ratios by around 1.5 percentage points.
The bank also indicated that the extra cash could help it take advantage of any growth opportunities.
[url]http://www.marketwatch.com/news/story/hsbc-shutter-us-branches-raise/story.aspx?guid={EDB1D0FE-F412-41F7-B9C9-1D628DDBABD6}&dist=TNMostRead[/url]
Good luck with that HSBC, shareholders are gonna be queueing to buy shares after all this good news.
"I learned long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it."
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
George Bernard Shaw
“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
-
eXpat - Intermediate Crude
- Posts: 3801
- Joined: Thu 08 Jun 2006, 03:00:00