London−based HSBC bank announced this week that it plans to close 800 branches of two units that specialize in consumer lending and have several branches in Queens.
The bank reported a $15.5 billion loss in North America in 2008 amid the U.S. mortgage and subprime loan crises. HSBC will now close its HFC and Beneficial units, which provide mortgage refinancing and personal loans. The cuts will result in the loss of 6,100 jobs.
Beneficial has branches on Jamaica Avenue in Queens Village, Myrtle Avenue in Ridgewood and Queens Boulevard in Sunnyside, while HFC has a branch on Bell Boulevard in Bayside.
But HSBC will not close any of its bank branches in the borough, which include sites on Northern Boulevard in Woodside as well as branches on 37th Avenue and Junction Boulevard in Jackson Heights.
The bank, which reported a 62 percent slide in profits last year, said it would shutter 800 branches of its consumer lending business in the United States. HSBC is one of the world’s largest banking groups.
— Nathan Duke
©2009 Community News Group
By submitting this comment, you agree to the following terms:
You agree that you, and not TimesLedger.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to TimesLedger.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.