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After Bad B&C News, Heads Roll at HSBC.(resignation of Bobby Mehta and Sandy Derickson from HSBC Finance Corp. and HSBC Bank USA N.A. respectively)(Brief article)
New York -- HSBC Holdings said Bobby Mehta, CEO of HSBC Finance Corp., Charlotte, N.C., has resigned from the troubled subprime lender.
Additionally, the bank said Sandy Derickson, president and CEO of HSBC Bank USA, has departed as well. (She also carried the title of vice chairman of HSBC North America, a holding company that houses the subprime unit.)
News of the resignations came about 10 days ago, just after the last edition of National Mortgage News went to press.
Based in London, HSBC Holdings has extensive operations in the U.S.
Last month, the bank revealed that it had hiked the bad debt reserve on its U.S. subprime business by 20% to $10.56 billion.
Both executives worked for HSBC ...
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...quarter profits for HSBC USA and HSBC Finance Corp. fell 15.5 percent...executive of HSBC USA and HSBC Bank USA. "We will continue to...New York-based parent of HSBC Bank USA, said profit before taxes...business lines. Meanwhile, HSBC Finance, the former Household ...
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