11–20 of 59 posts
(There's probably more, these are just the first ones I found.)
Japan (actually exited both mass market and Premier retail banking): https://www.japantimes.co.jp/news/2012/02/24/business/hsbc-t...
Korea: https://www.wsj.com/articles/SB10001424127887324853704578587...
Brazil and Turkey: https://www.ft.com/content/85642fcc-e50d-11e4-bb4b-00144feab...
Basically says they’re bailing out of the US consumer market to focus on high net worth individuals and accounts. Basically the “1%”. Executives are quoted, implying that the reason is due to their inability to compete in that market, but I wonder if that’s really why. I’m thinking that with US debt being so high (both consumers and the federal government), millions of job openings going unfilled, an end to eviction…
So they can fully focus on drug cartels.
Around the same time, I adopted Transferwise (now just wise.com) which offers faster and cheaper transfers, and account-like functionality (holding a balance in different currency to avoid rate fluctuations and access to native bank transfers) which is exactly what I wanted HSBC for but light years ahead. Wise.com is still what I recommend for frequent travelers, expats, sending money to family, etc.
Basically says they’re bailing out of the US consumer market to focus on high net worth individuals and accounts. Basically the “1%”. Executives are quoted, implying that the reason is due to their inability to compete in that market, but I wonder if that’s really why. I’m thinking that with US debt being so high (both consumers and the federal government), millions of job openings going unfilled, an end to eviction…
US cards have been remarkably well accepted globally for a long time now, likely because the 3 big card processors are American, and American’s general need for banking abroad is probably covered by the bank they already have.
HSBC also previously exited mass market retail banking in Japan, Korea, Brazil, and Turkey. (There's probably more, these are just the first ones I found.) Japan (actually exited both mass market and Premier retail banking): https://www.japantimes.co.jp/news/2012/02/24/business/hsbc-t... Korea: https://www.wsj.com/articles/SB10001424127887324853704578587... Brazil and Turkey: https://www.ft.com/content/85642fcc-e50d-…
Retail banks in the US are the worst. All their branches look shabby. My comparison points are banks in Singapore and Australia.
HSBC is by far the worst banking experience I ever had. I only signed up for the generous sign up bonus. The app was very, very dated and only worked half the time. The website seemed to redirect you about 50 times on login, again, failing half the time. I could go on and on about how awful things were designed, but will not in the interest of time. I couldn't wait to get that money out and close it up. It's like the…
HSBC is by far the worst banking experience I ever had. I only signed up for the generous sign up bonus. The app was very, very dated and only worked half the time. The website seemed to redirect you about 50 times on login, again, failing half the time. I could go on and on about how awful things were designed, but will not in the interest of time. I couldn't wait to get that money out and close it up. It's like the…
I liked their loose nature with international accounts - I opened Canadian and Italian bank accounts with little more than verbal asks.