Job cuts hit hard in lending and mortgage industry

HSBC said it will also sell, shut or slim down retail operations in 39 markets, where operations are sub-scale and unprofitable and is looking to sell its U.S. credit card arm and shrink its network of 475 U.S. branches. HSBC’s move would be the latest in a wave of cuts announced by the global financial …

Wells Fargo paying record fine of $85 million over loan practices

By George Avalos Contra Costa Times Posted: 07/20/2011 08:21:45 PM PDT Updated: 07/20/2011 08:21:50 PM PDT Wells Fargo agreed to pay a record $85 million fine amid allegations that the bank steered customers into more costly loans and falsified information in mortgage applications. San Francisco-based Wells Fargo didn’t admit wrongdoing in its settlement with the …

U.S. Secretary of the Treasury Tim Geithner Speaks

By Tim Geithner Two and a half years ago, with our country on the edge of a second Great Depression, we met with the president in the White House to discuss whether to move in those first months of his administration to legislate fundamental reform of the financial system—or wait until we had put the …