HSBC stops sales and trading of mortgage backed securities

Here is an article we expected so see about two months ago. It is also published on Household – HSBC Watch. Insiders at HSBC say we should look for more changes and cutbacks from HSBC in the United States as the bank’s image has been tarnished by predatory lender Household International, and as more people learn that HSBC is the Hong Kong Shanghai Bank Corporation. Shanghai is a municipality of the People’s Republic of China that has province-level status. Heavy investment in Islamic banking doesn’t help HSBC in the U.S. either, said one analyst. Here is the article:

Nov. 8, 2007 — HSBC Holdings Plc, the biggest U.K. bank, said it stopped sales and trading of mortgage-backed securities in the U.S. at its investment-banking unit. About 120 securities jobs will be cut globally, including 20 in the U.K., London-based spokesman Pierre Goad said in a telephone interview today. HSBC has also ceased investment- banking coverage of healthcare in the U.S., he added.