Don't you mean HSBC?

Get your facts right. Dickhead.

Oooh. He changed it.

Unfortunately, this is probably the tip-of-the-iceberg for financial institutions dissolving…the economy is doing down the drain QUICKLY and we're all going to be hurting in one way or another. It may be subtle for some people and drastic for others, but it's doing to affect everyone.

It's the world as we know it, and I feel fine.

HSBC is one of the best run banks in the world, and is the largest in the world right now by assets under management. Investment banking and other high paid wall-street jobs are basically in a death spiral - getting paid huge money for doing fuck all is not going to be around in the coming years. HSBC has had little pain to suffer in this crisis unlike all the American run banks.

Oh and MaryC - like many large companies, HSBC rebranded itself - like IBM and many others - so that the old name means nothing. It is a British run bank, with deep roots in Asia - so your comment about whether they can't decide if they are "Chinese or English" is irrelevant. They already decided years ago.

Maryc—It's HSBC! Not Hong Kong Shanghai Banking Corp. anymore. I work for HSBC in Texas and I'm 28 years old. It has even been felt here. Since the beginning of the year several of the divisions have been cutting back. They have allready gotten rid of the Auto Financing division. They aren't taking on anymore new car loans, only refininances. It's been very stressful the past few months knowing that your job could be on the line, but I come from a branch that is 100% positive and we aren't letting a litte economic crisis bother us! We still have a lot of people who call us us for loans, who are starting to think more wisely about consolidating and doing home equity loans in order to save money and get out of debt faster. I wish everyone thought that way. Instead of paying interest on credit cards for 20 years, why don't people put it into one loan for 5 years and pay it off faster! We are still a high producing team. Most of the people I work with are college graduates with degrees in finance so IT IS A REAL JOB. We may not work with our hands, but we work with our minds and numbers. So if I wanted to work at Walmart ,Steve, I would have dropped out of school and headed to the cashier line.

I've worked for HSBC for just a couple of years and they've actually layed off lots of people during this short time. They are very good at hiding the 'bad' news from the media. They are sending most of their customer service and operations jobs to India and the Phillipines, so I'm pretty sure I won't have a job within the next couple of yrs since they've already begun sending some of my departments jobs there. I don't think they will save as much money in the long run as they think they will. For example, in my department India makes a lot of mistakes and we have to fix them, so they end up having to pay us for time spent auditing India's mistakes and overtime. They don't look at the whole picture. All they see is the fact that they can pay India employees 1/2 the salary they pay in the U.S.

I feel so f*ckin bad for those investment bankers. Now they'll have to buy their khaki pants at Dockers instead of paying $450. a pair at Hermes. And maybe their bone-thin wives will have to lay off the botox for a few months. Sheeeit.

I learned a lot here tonite from a couple of you that work for HSBC..where I have an account. I TOO would like the answer to anonymous' asking about comment #13..and how is it better to dump auto financing but keep 'refinancing" that seems backwards. Seems autofinancing would be less risky than the refinancing of (for sure) older vehicles? Course I didnt claim to be a banker Im just curious.

I want to know this also - if they go under..or any other bank - what happens to the money a person owes them? IF the bank files bankruptcy-the ppl that owe them would have to still repay - right? Because they owe ppl and the courts would make them get what they can from whoever owes them to pay THEIR creditors right? (Im having a disagreement with someone over that issue) Anybody know? Am I right or my friend, who thinks they wouldn't have to pay what they owe their bank if it went under…@@

Re: Mextexgrl – Thank you. I appreciate your insight…even though I still don't understand the logic behind "you have to have a credit history to get credit". But, I guess that's why I chose not to go into the banking field. lol
As to your recommendation, that I should ask someone to add me as an authorized user…I have heard that, before. In fact, my sisters have offered to 'help me out', but I just don't feel comfortable doing that. I even went so far as to get a small home equity loan, at my bank, to try and establish credit (which was absolutely ridiculous…since, I had more money in my checking account than what the darn loan was for). And, I still wasn't able to raise my credit score after I paid the loan off.
I was always taught to pay cash for everything, and now it's come back to 'bite me on the ass'. Oh, well. Thanks, again, for your knowledge and wisdom. Have a great week!