HSBC exits US mass market retail banking
about.us.hsbc.com
HSBC exits US mass market retail banking
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Re: HSBC exits US mass market retail banking
#2Basically 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 moratoriums, zero action on increasing minimum wage and all the other pandemic mess, that they’re seeing a dismal future for the US economy as consumers wind up with essentially zero discretionary income to spend, a government that won’t do anything about it, and another possible Great Recession triggered again by foreclosures on a housing market that’s currently overpriced. Add our mounting inflation to the mix and things look pretty dark. My guess it’s that’s what’s really driving things here.
Sadly it won’t be much better anywhere else, and some places it’ll get even worse. Man, fuck this pandemic.
Re: HSBC exits US mass market retail banking
#3So they can fully focus on drug cartels.
Re: HSBC exits US mass market retail banking
#4Basically 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…
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Re: HSBC exits US mass market retail banking
#5Basically 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…
A lot of banks are exiting retail saving accounts.
Here's an example of a big bank in the Netherlands ( in dutch): https://www.banken.nl/nieuws/23010/ing-adviseert-spaarders-o...
Re: HSBC exits US mass market retail banking
#6HSBC 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 they weren't even trying.
Re: HSBC exits US mass market retail banking
#7Basically 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…
I think you nailed it. The 1% will sail through the recession and just buy all the poor people’s stuff at pennies on the dollar. Poor people don’t have any buffer, all their money goes to bills already. If HSBC saw any money there, they would not be exiting.
Re: HSBC exits US mass market retail banking
#8Basically 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…
A lot of banks are exiting retail saving accounts. Here's an example of a big bank in the Netherlands ( in dutch): https://www.banken.nl/nieuws/23010/ing-adviseert-spaarders-o...
Right. And HSBC in particular has been downsizing outside of Asia and core markets for years now. So this move isn’t unexpected and not related to economic prospects.
Re: HSBC exits US mass market retail banking
#9HSBC 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…
Same...exited this bank a few months ago when consolidating accounts. HSBC was at the bottom of the checking accounts I held.
Re: HSBC exits US mass market retail banking
#10HSBC 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 am very similar, I was looking to switch and the signup bonus tempted me
in the end I closed that account and went back to my old one as the HSBC website and app were so appallingly bad
it was like something out of 1995