It's Being Felt Worldwide
Filed under: Business Blitz
Leading global bank HSBC has just cut 1,100 investment banking jobs.
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Don't you mean HSBC?
Idiot.
Get your facts right. Dickhead.
That's right you old fukers…fuk the world up for us young kids.
Oooh. He changed it.
Hong Kong Shanghai Bank Company–these guys can't decide if they're Chinese or English. They also bought Household Finance a few years back. Could it be they have some toilet paper too?
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.
HSBC is a bunch of loan sharking scumbags and they deserve to go down. IN FLAMES. They've taken advantage of MANY seniors. Google them.
It's the world as we know it, and I feel fine.
"It's the END of the world as we know it…" I meant of course.
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.
BOO HOO, cry me a fuckin' river asshats.
Now they'll have to get a REAL job like most us schmucks.
I hear Wal-Mart is always hiring.
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.
Re: Mextexgrl – I found your #13 comment, very interesting. I have never taken business courses…so, may I ask a few questions, please? Why is the auto finance division more expendable than the refinancing division? Wouldn't it be more likely that an auto loan (or, any loan less than $50k) would be paid back faster than a home refinance? Isn't there more of a risk, for banking institutions, to hand out refinance loans?
Since I have you 'on the line', so to speak….and, you are in the financing business, I would love your input on MY situation (I have asked my personal banker, but she won't give me a straight answer). I paid cash for my home and vehicle. The only credit card I have is actually a debit card…and, I pay each and every utility in full each month. For 'shits and grins', I applied for 2 credit cards (one was a major credit card, and the other was for a well-known gasoline station)…and, I was turned down because, they said, I did not have 'established credit'. How is it that someone who pays their bills on time, and in full, each month be considered a 'bad risk'? I appreciate any insight that you can give me.
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.
Re: LaJiveMonkey –
Just to clarify something here: Perez posted the wrong bank. He originally posted KSBC because, like, he's thick. He eventually changed it to the correct bank. It must be difficult for Perez having the brain mass of an amoeba but he eventually gets there….
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.
Re: flangie nopants – You never made a typo?!? The 'H' and 'K' keys are just divided by one key..the 'J' (at least, on the American keyboard). To 'zero in' on a person, just because of a typographical error is wrong….on so many levels….and, it just amplifies your ignorance and intolerance.
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…@@
Just to answer a couple of you. Auto Refinancing brings in more customers. We only "buy" accounts from customers who are concidered less risky and the vehicles have to meet certain criteria. HSBC isn't going to keep these accounts. They will eventually be outsourced to other lenders. We are only the "middle man". As far as credt…You have to have credit history in order to get credit. I see so many credit reports everyday. Everyone thinks that your credit is based on soley how one pays, but in fact it only makes up 35% of your credit score. 30% is the type of credit, 15% how much is utilized, 10% how long you've had credit, 10% is for new credit. So there, I've answered your question. If you want to get credit..ask someone you trust to add you as an authorized user to a major credit card for at least 6 monts, then you will see the credit offers coming.
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!