HSBC shutting Decision One Mortgage unit

[Roland99]

Source: MarketWatch

HSBC shutting Decision One Mortgage unit
U.S. division to take $880 mln charge, cut 750 jobs, British bank says

SAN FRANCISCO (MarketWatch) -- HSBC Holdings said on Friday that it's shutting one of its U.S. subprime mortgage businesses, a move that will trigger an $880 million accounting hit and $65 million in costs for the bank's HSBC Finance division.

The closure of Decision One Mortgage, which offers home loans through brokers to less creditworthy borrowers, will mean 750 job losses affecting staff in Fort Mill, S.C., Phoenix, Ariz., and Charlotte, N.C., the bank said.

HSBC Finance will now focus on originating and servicing loans through its consumer lending branch network under the HFC and Beneficial brands, HSBC added.

...

HBSC said its HSBC Finance arm will take an $880 million goodwill impairment as well as $65 million in restructuring costs. The goodwill impairment won't be recognized by HSBC Holdings, it added.

Read more: http://www.marketwatch.com/news/story/hsbc-shuts-decision-one-mortgage/story.aspx?guid=%7B29575D0B%2D93D8%2D45C3%2D861B%2DDB15C9536796%7D&dist=hplatest

[slackmaster]

1. HSBC is a sweat shop

I know someone who works there.

[pinniped]

2. HSBC credit cards suck. Run away.

.

[Snarkturian Clone]

3. In college we used to call HSBC

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