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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HSBC Holdings, the European bank, said it would buy part of an office tower in Shanghai to house its China headquarters as it speeds up expansion in China. HSBC agreed to buy naming rights and occupy 20 floors of one of the twin towers of the Shanghai International Finance Center, to be completed by 2010, from Sun Hung Kai Properties, HSBC said in a statement to the Hong Kong Stock Exchange. The tower, a few blocks from the bankâs current headquarters, would be renamed HSBC Building-Shanghai IFC. Stephen K. Green, the chairman of HSBC, disclosed the deal at a news conference in Shanghai, but he declined to say how much the bank had agreed to pay.
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One of Britain's biggest property funds shuts its doors to withdrawals after panic selling
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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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Banking giant HSBC is to close part of its US sub-prime mortgage business, cutting 750 jobs in the process.
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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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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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HSBC said it would close Decision One Mortgage, cutting 750 jobs and taking $945 million in charges and write-downs, because it is no longer sustainable.
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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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Shares down after company shutters home lending operation.
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The research operation will be shuttered, sources close to the company said, since UBS already has coverage in the areas where Schwab&#39;s Soundview is strong.
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LONDON (Dow Jones)--Metropolitan Life Global Funding has mandated HSBC, Deutsche Bank and Royal Bank of Scotland to lead-manage its forthcoming sterling-denominated bond issue, one of the lead managers said Thursday.
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Big banks have pulled the plug on a Treasury Department-backed plan to rescue troubled investment vehicles leveled by the subprime mortgage crisis.
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Standard Chartered drops a plan to rescue its investment vehicle that was exposed to the sub-prime crisis.
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H&R Block said yesterday that the sale of its subprime lending unit, Option One Mortgage, might fall apart as credit markets deteriorate.
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Europe's biggest bank HSBC Holdings  has ousted the head of its North American operations, Bobby Mehta, in the wake of this month's shock profit warning from its troubled U.S. mortgage business.
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LONDON/HONG KONG  - Shares of HSBC Holdings   dropped more than 2 percent on Thursday after the British lender announced its bad debt charge last year would be about $1.8 billion higher than expected.