On Tuesday credit card company HSBC announced that they are in talks regarding the sale of their United States credit card and retail services business. This comes with the news that the company is focusing its efforts on other markets with the opportunity for rapid growth, with an emphasis on Asia.
The UK based lending company has recently launched major efforts to cut back on spending which includes a process which will save them as much as $3.5 billion by the year 2013. One drawback to the plan is that it will come at the costs of around 30,000 layoffs all over the world within the next two years.
Even though HSBC will be cutting jobs out of the equation, they will also be adding new jobs in the newer markets with up to 15,000 new job openings to become available by 2014.
“HSBC confirms that it is in discussions regarding a possible sale of the business,” said the bank in a statement which originated from their Hong Kong office.
These discussions are ongoing and no decision has yet been made to proceed with any transaction. HSBC will make a further statement if or when appropriate.”
This news is important to those that may hold HSBC credit card accounts in the US because a sale of the company could mean new policies for account holders to follow.
As always, stay tuned to CreditCardsProfessor.com for more of the latest credit card news, special offers and important updates.
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