HSBC Eliminating 30,000 Jobs (Obamanomics Alert!)

WSJ ^

[Recovering_Democrat]

HSBC announces plans to eliminate 30,000 jobs by 2013.

[RayChuang88]

Most banks are cutting a lot of jobs as increased use of computers have reduced the need for people in the company.

In fact, right now I see a lot less people at bank lines at my local Bank of America branch office; but the lines at the BoA ATM machines are getting longer and longer.

[RayChuang88]

I could not agree more. The first thing the new President should enact: a major income tax overhaul to reduce compliance costs and encourage American residents and businesses to keep their savings and capital investments in the USA. That right there will result in a big drop in unemployment because the income tax rate and complexity of income tax system factors hugely into where a company bases it manufacturing or service center operations as much as labor costs.

[KarlInOhio]

The Hongkong and Shanghai Banking Co...

a Chicom owned bank.....

Actually its British. It used to be headquartered in Hong Kong, but moved back to Britain because HK was being returned to China.

[AnglePark]

The Hongkong and Shanghai Banking Co... a Chicom owned bank..... good riddance.

Amen. They have some of the worst banking practices in the industry.

[BfloGuy]

I believe HSBC is Buffalo’s largest private employer. Its office tower anchors downtown and let’s not forget HSBC Arena. This does not bode well.

[factoryrat]

Having worked in the auto industry, and the machine tool industry, I can tell you that these job losses will cause a massive domino effect. Been there, done that. See, it was figured that for every job lost at the OEM level, seven other jobs were lost in the logistics chain that supported those workers. That number includes the suppliers, shippers, local retailers, banks, restaurants, Realtors, and who knows how many other people. Been through this scenario at least three times in my life, any every time it gets worse. Just when you thought you fought your way back, the door gets slammed in your face again. The one bright point is that desperation breeds ingenuity, and I have seen people come up with the most ingenius ways to survive, and in some cases, thrive.

[metmom]

I found this in the local liberal rag, which BTW, had some scathing editorials about obama. They hate him, to their credit. Our conservative family was rather shocked by that, but it is encouraging.

Anyway, these Upstate NY branches are being sold to First Niagara.

******************************************************************************

HSBC to sell upstate New York retail bank branches

http://www.9wsyr.com/news/local/story/HSBC-to-sell-upstate-New-York-retail-bank-branches/WL5QBRAkz0eaX-0yIpVOjg.cspx

[metmom]

2012 is coming, VOTE the Obama BUM OUT!

Why wait???

Impeach his treasonous butt now.

[factoryrat]

I read thruogh the article, and the selling off of branches was a dead give-away. Sounds like the classic “pump and dump” strategy. Reminds me of a certain politcian who made his money this way. I think his last name begins with romney.

[expatguy]

Actually FRiend they are a British bank.

An American Expat in Southeast Asia

[killermosquito]

I moved away from Buffalo in July 2009. I miss the food and the people but not much else. I did enjoy several events at the arena and I will never forget the Jim Kelly years. I’ve yet to find a pizza that rivals anything in Buffalo.

[CPT Clay]

Welcome to “recovery summer”

[faucetman]

“I moved away from Buffalo in July 2009. I miss the food and the people but not much else. I did enjoy several events at the arena and I will never forget the Jim Kelly years. I’ve yet to find a pizza that rivals anything in Buffalo.”

I moved away from Rochester in May 1980. I miss the food, but not much else, and CERTAINLY NOT the people . I did enjoy many events at the War Memorial (now The The Blue Cross Arena) and I will never forget the Jim Kelly years. I’ve yet to find a burger that rivals anything in Rochester.

[redgolum]

Wow.

[comebacknewt]

Hopefully, this was “unexpected”.

[Major Matt Mason]

Yep, HSBC has been a presence in WNY for a long time, though under different names. Even the hockey arena has the bank name, although probably not for much longer. I'm not sure how many of these layoffs will happen in WNY, but I'm sure it will be a large figure. And of course, this is an area that can't afford more layoffs.

[Soothesayer9]

"and instead focus on fast growing markets in Mexico and Turkey.

Wish it were possible to strip them of their citizenship.

[wardaddy]

HSBC...as venerable a joint as ever was but why so little mention of who they are.

Hong Kong Shanghai Banking Corporation

There was a time when I was a lad they were my world bank...everywhere basically.

And very courteous and pampering.

I see they ducked the Chi Coms and moved the goodies to London in 1992.

Cool headquarters they had on HKI.

Now I live entirely with small local and state banks but cutting a deal...trying to..with BBT right now...the big guys have better rates and terms ..they are sitting on cash..ours...be nice if they would share it

[TheOldLady]

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[Shellback Chuck]

No kidding, HSBC is one of the biggest rip-off banks out there. They must have started running out of Americans to rip off so they’re thinking of moving elsewhere.

http://householdwatch.com/