HSBC to shutter subprime unit
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HSBC Holdings Plc , Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable.
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Business & money: Building society damaged by the sub-prime mortgage crisis in the US and other one-off charges
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IKB Deutsche Industriebank, the bank that is being bailed out after investing in subprime loans, will post a loss of up to 700 million euros, or $954 million, for the fiscal year. The chief executive, GÃ¼nther BrÃ¤unig, said during a conference call that the bank would curtail investments in international securities financed by commercial paper, a type of short-term business loan, and that it expected future earnings to be âsignificantly lower.â The bank had a profit of 179.6 million euros in the year that ended March 31. The government-owned KfW development bank and the German banking associations agreed to cover some losses at IKB after rising defaults on home loans hurt the value of mortgage-backed securities.
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New Century Financial Corp. , the largest independent U.S. subprime lender, said on Monday that its lenders plan to halt financing, in a development that could push the company closer to bankruptcy.
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Europeâs biggest bank said it would close an American unit as it scales back risk-taking after writing down the value of subprime mortgage investments by $14.7 billion last year.
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HSBC cash machines will warn customers if a withdrawal will take them over their overdraft limit, the bank says.
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HSBC warns bad debt provisions will be about 20% higher than expected due to problems at its US mortgage business.
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Two Bear Stearns Cos.  hedge  funds that invested heavily in securities backed by subprime  mortgage loans are close to being shut down as a rescue plan is  falling apart, The Wall Street Journal Online reported on  Wednesday.
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Freddie Mac will shut down the market-making operations of its securities sales and trading unit as it restructures some mortgage-securities operations, the government-sponsored home-mortgage company said Monday.
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U.S. and European banks including  Citigroup Inc  and HSBC Holdings PLC  are  considering selling off parts of their businesses as they  prepare for tough times ahead, the Wall Street Journal  reported.
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Morgan Stanley said it will close its business in Britain that issues home loans and significantly curb its mortgage business in the United States.
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U.S. stocks fell on Thursday after a warning about U.S. subprime mortgage lending from Britain's HSBC  sparked a sell-off in financial stocks and investors worried that fallout from the housing slowdown may be far from over.
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Plans for a London building designed by Zaha Hadid have been dropped as a result of the credit crunch that began with the subprime mortgage collapse.
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General Electric Co.  has decided to sell its WMC Mortgage subprime lending business, the lender told employees in a memo on Thursday.
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In a sign of continuing mortgage industry woes, PHH, one of the largest originators of residential home loans, said it is scrapping a planned $1.8 billion sale.
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Mortgage giant Freddie Mac is shutting down some operations of its debt-securities sales division and transferring others -- moves that experts said should
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HSBC, the UK's largest bank, is targeted for a shake-up by a high-profile US group of activist investors.