HSBC closes US sub-prime division
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Banking giant HSBC is to close part of its US sub-prime mortgage business, cutting 750 jobs in the process.
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US equity fund Newbridge Capital Ltd., which is selling Korea First Bank, yesterday postponed its anouncement of a preferred bidder, indicating that it is having difficulty setting the sale price with HSBC Holdings Plc and Standard Chartered Plc.
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Banking giant HSBC has reversed a decision to scrap interest-free overdrafts for university graduates after a campaign launched on the Internet social networking site Facebook, it said Friday.
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HSBC  (0005.HK) is not  considering acquisitions in Japan and will instead focus on  growth by itself as it rolls out retail banking in the world&#39;s  second-largest economy, HSBC Chairman Stephen Green said on  Thursday.
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Tax preparer H&R Block Inc.  said the subprime mortgage unit it is selling has lost a credit line, lowering its borrowing capacity closer to the minimum needed for the sale to go through.
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Bank of America Corp. has closed eight offices of FleetBoston Financial Corp.'s brokerage arm, Quick &amp; Reilly, as it prepares to merge the operation with its own brokerage, a spokesman said. Quick &amp; Reilly, which will change its name to Banc of America Investment Services Inc. in October, had about 100 US offices and operations in Fleet's bank branches. Bank ...
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The US housing downturn may damage investment funds linked to sub-prime lending, experts say.
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Investment bank Morgan Stanley says it has suffered a $3.7bn loss from its US sub-prime mortgage exposure.
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Business & money: Biggest share falls since height of credit crunch after US bank's $18bn write-off and Rock uncertainty grows
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LONDON/HONG KONG  - HSBC's shares slumped to a 9-month low on Thursday after Europe's biggest bank announced its bad debt charge last year would be about $1.8 billion higher than expected as problems grew in its U.S. mortgage lending.
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HSBC Holdings, Europeâs biggest bank, agreed to buy a 51 percent stake in Korea Exchange Bank for $6.3 billion as it attempts to bolster its presence in the fast-growing Asian market. The purchase of the stake from the United States private equity group Lone Star Funds would allow Lone Star, based in Dallas, to exit a controversial investment. HSBC, based in London, said that it did not intend to make an offer for the remainder of the Korean bankâs shares and that the bank would remain listed on the Korea Exchange. The acquisition would catapult HSBC past its foreign rivals Standard Chartered and Citigroup. Both have bested HSBC in the past in purchasing local banks during the post-Asian crisis turmoil. A local court in South Korea has been investigating allegations that Lone Star manipulated the stock price of the Korean bankâs credit card unit in 2003 so that the bank could take it over at a lower price.
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Germany's IKB Industriebank says  losses from its exposure to US sub-prime mortgages will reach almost $1bn.
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UBS, the biggest European casualty of the U.S. subprime crisis, said it was shrinking its investment banking business, cutting staff and drastically scaling down its exposure to risky investments.
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US investment bank Bear Stearns reports its first loss after making risky bets on sub-prime mortgages.
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Swiss bank UBS seeks backing to sell stakes in the firm as it tries to assess the impact of the US sub-prime crisis
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British bank HSBC (HSBA.L: Quote, Profile, Research) is interested in buying the $3 billion store and credit card operations of US retailer Federated Department Stores Inc.
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Freddie Mac (FRE.N: Quote, Profile, Research) , the No. 2 US mortgage finance company, on Monday said it will shutter its broker-dealer business unit in a step