Users' questions

Why did HSBC leave us?

Why did HSBC leave us?

The U.S. commercial banking business generated just 2.03% of the group’s 2020 net operating income. HSBC CEO Noel Quinn in a statement announcing the exit admitted that the bank “lacked the scale to compete” in the U.S.

What happened to the HSBC bank?

British bank HSBC Holdings PLC announced Wednesday that it will sell most of its retail locations across the U.S., reducing 148 branches down to 58 and winding down an additional 35 to 40 branches. The remaining locations will be repurposed into international wealth management centers.

What was the settlement with HSBC in 2016?

The Federal government together with state attorneys general in 49 states and the District of Columbia reached a settlement in 2016 requiring HSBC Mortgage, Inc., to provide $428 million in various forms of relief to certain borrowers. The agreement was filed in the United States District Court for the District…

How much money has HSBC been sued for?

HSBC estimates $800m for the total damages from these actions, but admits that the amount “could differ significantly”. Then there is the origination, servicing, securitisation and foreclosure of US mortgages before the financial crisis, which (across all the financial institutions involved) is probably the largest corporate fraud in history.

Who was the Massachusetts Attorney General who sued HSBC?

According to the office of Massachusetts Attorney General Maura Healey, HSBC will pay $26.8 million to settle allegations that the bank “purchased and securitized unfair residential mortgage loans” that were in violation of state law.

Are there any legal problems with HSBC Bank?

Wherever there is some dodgy scam going on in the world, HSBC is likely to have a finger in it. By far the most serious of HSBC’s legal violations is its involvement in money laundering and sanctions breaking, in which it has a long and disreputable history.