My wife walked into work this morning and got the news. HSBC is closing all 600+ former Household and Beneficial offices in the US and Canada. Some 6,100 people are going to be out of a job. That includes the West Covina, Panorama City, Van Nuys, LA Eagle Rock, West Covina, Long Beach and Ladera Heights offices that she has worked at over the years.
She is shell shocked. She feels horrible for former peers and bosses that are in the affected branch office closings. As I type this she said that her friends are being called into their various offices and being given their severance packages.
Those offices were closed as they were the branches that for years had specialized in secured personal loans and most recently sub-prime mortgages that HSBC had put an end to over the last few years. Without them creating loans they were a huge expense that warranted closing, just bad timing with unemployment so high at the moment.
Tough times LA, tough times indeed.