Any HSBC users? HSBC has so much prestige in Asia, why do you think it's failed in the North American market? https://www.npr.org/2020/02/18/807007300/banking-giant-hsbc-to-cut-35-000-jobs-amid-restructuring
Lol pretty sure the job cuts stem more from the dire situation in Asia than their North American market, where vast majority of their profits are from. North America simply wasn’t and still isn’t a focus for the London-based firm that mainly operates in Asia, at least its retail business.
Dire situation in Asia? More like Europe where they scale back a big chunk of operations excluding UK. they are investing more in Asia since it accounts for the vast majority of their pretax profit
Culture and interactions feel different vs other banks. Not sure if that's just group specific or has to do with Asia roots of the firm though.
Most legacy banks will have to go through this process, it is part of digitazation
One team initiative kinda fscked them. Also, selling subprime business to capital one in NA wasn’t a good decision.
Not a good decision why?
They were making money out of it. Capital one anyways did shit work managing it and literally destroyed the entire segment.
I work for HSBC. Its mainly leadership not having a clear cut direction about what role they want to play. We are a huge source of outbound revenue for the other HSBC countries though so I dont think our US presence is going anywhere.
As a customer I would say regardless of job cuts it's one of the worst banks. Savings rate for preferred customer is 0.15 same as checking. The mortgage rate sucks as well, I have no idea why I kept 75k with HSBC just to be preferred customer with no benefits 😂
HSBC direct gives 1.85%. That's a pretty solid rate.
Dirty money on Netflix. Episode 4
Yepppp. It seems to me that every time a bank is in the news for being fined it’s HSBC. Since 2010, they’ve been fined > $5.4B by various US agencies; from DOJ to US attorneys office to the EPA. In comparison, UBS has had $4.3B in fines in the same time fram... ...but has $2.3T in AUM vs HSBC’s $258B AUM.
Yup, go read Matt Taibbi's excellent reporting on HSBC
There is just so much competition in North America. You need size and scale. MM and EB take away remaining advisory roles. BB and unregulated banks / direct lenders compete for all the financing
Who dat MM EB BB?
Does Brexit have anything to do with it? This is a genuine question
Nah. Little to nothing to do with it honestly. Maybe some people who don't want to move to germany or wherever desks are moving but majority of the layoffs are restructuring related.
Used to work in IT in NY in global markets. Thankful I'm out.
Banks can’t treat customers like shit in North America. They couldn’t get used to it
Are you sure banks don’t treat customers like shit in North America?
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