Common advice here is that companies should focus on their core competencies and customers. in this case Mexican drug cartels.
HSBC exits US mass market retail banking
21–30 of 59 posts
Re: HSBC exits US mass market retail banking
#22Basically 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…
Recessions are when retail banks are most in demand, I don't think that's their reason for exiting.
They got massive fines and dragged in the press for the crime of doing money transfers to and from Mexico; they're heavily pressured by the government to provide international transfers and then blamed as soon as one of those transfers goes to someone bad. They've probably reached a point where the only winning move is not to play.
Re: HSBC exits US mass market retail banking
#23I am still choosing carefully my next bank without a dirty history. The majority had unethical or sinister practices: HSBC & Capital One (money laundering), Chase (gold & silver spoofing), Goldman Sachs (mortgage crisis), Wells Fargo (fake accounts), Robinhood (sort of a bank, gambling), etc.
https://www.youtube.com/watch?v=FSh8eusFYL4&ab_channel=ColdF...
Charles Schwab seems ok so far. Still researching... feedback welcome.
Re: HSBC exits US mass market retail banking
#24Basically 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…
Looking at San Francisco, HSBC only has a handful of retail locations, seems like they were focusing on the Chinese-American market. (They also have a building on Montgomery Bank Row, assume they're keeping that for their tooty customers.)
Not sure if this the soapbox you really want to stand on.
Re: HSBC exits US mass market retail banking
#25HSBC 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…
It is hands down the worst, stupidest login process I've ever experienced. Where I am, the app makes you choose a long password (great!) but instead of entering the whole thing, asks for random characters from it, making it impossible to use a password manager. Whoever made this truly hates their customers.
Re: HSBC exits US mass market retail banking
#26I am still choosing carefully my next bank without a dirty history. The majority had unethical or sinister practices: HSBC & Capital One (money laundering), Chase (gold & silver spoofing), Goldman Sachs (mortgage crisis), Wells Fargo (fake accounts), Robinhood (sort of a bank, gambling), etc. https://www.youtube.com/watch?v=FSh8eusFYL4&ab_channel=ColdF... Charles Schwab seems ok so far. Still researching... feedback…
not sure why you would solely put the 08' financial crisis on Goldman... Not that that they really offer many consumer services anyway.
Re: HSBC exits US mass market retail banking
#27Good.
When I moved to the US from the UK, I already had British HSBC accounts, so thought it made sense to open up an HSBC account and credit card. Got a $200 credit limit (thanks?), awful app, terrible customer service...eventually got fed up and closed all my accounts. Good riddance.
Also side note while I’m on the topic - to log into chase and do stuff, I enter my password. That’s it.
To log into HSBC or any other UK bank, you need to enter the 8th, 3rd and 19th letter of your password, app generated security token, digital security key password, the 822nd digit of Pi and the current orbital trajectory of Jupiter.
Can I please please just have normal 2FA...
Re: HSBC exits US mass market retail banking
#28I signed up for HSBC a few years back thinking they were a good “international” banking choice for people with ties abroad. Sure there are (were) HSBC locations in other countries but they wouldn’t treat you any different than a stranger on the street unless you had $100,000 in accounts there. Their international transfers and account opening services were very meh. Around the same time, I adopted Transferwise (now j…
Citibank may not be your favorite bank, but if you travel a lot, they have branches in many of the world's largest cities. I've been able to get local currency out of many Citi ATMs abroad with zero fees or problems.
Re: HSBC exits US mass market retail banking
#29So they can fully focus on drug cartels.
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Re: HSBC exits US mass market retail banking
#30they must be short GME