BS: HSBC cuts lending in the U. S.

Subject: BS: HSBC cuts lending in the U. S.
From: Q (Frank Staplin)
Date: 01 Mar 09 - 08:09 PM

HSBC (Hong Kong and Shanghai Banking Corporation), London FTSE and Hong Kong Hang Seng exchanges, will announce on Monday that it is closing many U. S. branches and reducing consumer lending in the U. S. It will wind down its subprime lender, Household International.
The bank has 330,000 employees, the U. S. numbers will be cut.

Who will take over the outstanding loans in its portfolios?

The company has been gradually increasing its activity in China; currently they are the largest lender in Europe.

Its assets in 2008 were $4.35 trillion.

Reports in Financial Times and Wall Street Journal; assets figure from its 2008 Annual Report.