Posts Tagged ‘HSBC’
A startling report of the U.S. Foreclosure Index says that once Freddie Mac and Fannie Mae and a few other mortgage lenders lifted the politically forced moratoria on housing foreclosures, the number of foreclosures in March rose 44 per cent from February’s record high. Reasons cited were rising unemployment, a backlog of foreclosures during the freeze, and increased abandonment of properties.
Today we see another press release from Hope Now, with another initiative. Bank bailouts, implosion, and stock market news makes one point perfectly clear. Even President Barrack Obama is shunned by some shady lenders. Obama is ignored by shady mortgage servicers. No matter how hard Hope Now actually tries, investors block every attempt to actually help homeowners.
As mortgage blues continue, one more lender is gone from the American landscape. That lender is HSBC Finance, formerly known as predatory lender Household International.
Whether you think it is good strategy or a huge hole in security, banks are cutting IT workers. Among the gruesome numbers to come out of the financial crisis are the ones hitting corporate IT, especially at major banks. In a recent round of cuts, 650 IT jobs will go at Credit Suisse, 500 at HSBC and up to 1,800 at Barclays. Many are also slashing their spending with contractors. Goldman Sachs and Citigroup, for example, have demanded that contractors accept a 15% cut in daily rates, while HBOS and Barclays made take-it-or-leave-it offers of 10% reductions.
Here is a list of the largest banks in the world at the end of 2008:
1. Industrial & Commercial Bank of China, ICBC (China)
2. Bank of America (US)
3. HSBC Holdings (UK)
4. China Construction (China)
5. Bank of China (China)
6. JPMorgan Chase (US)
7. Citigroup (US)
8. Wells Fargo (US)
9. Banco Santander (Spain)
10. Mitsubishi UFJ Financial, MUFG (Japan)