HSBC Holdings will close its $33 billion U.S. credit-card business if it cannot find a buyer, the bank’s chief executive said on Monday. The move is part of its efforts to slash costs and cut back on retail banking.
CEO Stuart Gulliver said he was upbeat in the medium term on the economy in the U.S., but that the card business there did not make strategic sense.
Whole story here.
I translate for you: Shit we are no longer growing. It’s a threat to our stock! –Admin
Here the email from FutureMoneyTrends.com says best:
HSBC May Phase Out U.S. Credit-Card Business
Talk about a trend, here we have one of the largest banks considering exiting the U.S. market. CEO Stuart Gulliver says that he is upbeat about the U.S. economy but wants to focus more on Hong Kong and emerging markets. Come on let’s be honest, is he really up beat about the U.S. economy? I mean if banks are in the business to loan money, then why would they want to exit the largest credit card consumer economy on the planet? FutureMoneyTrends.com believes this is a trend that will continue, in fact we believe that within the next decade the financial capital of the world will no longer be New York, but somewhere in Asia, most likely Hong Kong. Capital flows are heading east. The west, specifically America, is simply tapped out and about to enter a debt crisis that will force an end to the borrow and spend lifestyle of looking rich.
Oh the trend! –Admin
- HSBC U.S. card business to be rundown if buyer not found (theglobeandmail.com)
- HSBC May Phase Out US Credit-Card Business (moneynews.com)
- HSBC May Have to Run Down Credit Card Business (foxbusiness.com)
- HSBC looking to cut costs, but not in Asia (theglobeandmail.com)
- HSBC delays decision on HQ relocation until UK banking rules are published (telegraph.co.uk)
- HSBC Says Profit Up 58 Percent (dealbook.nytimes.com)