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The National Association for Female Executives named seven Illinois companies among its Top 50 companies for executive women.
Abbott of North Chicago and Kraft of Northfield were among the Top 10. Five others made the Top 50: Allstate Insurance of Northbrook; HSBC North America of Mettawa; McDonald’s Corp. of Oak Brook; Northern Trust of Chicago; and State Farm Insurance of Bloomington. Get the full story »
HSBC Holdings PLC has suspended its foreclosure proceedings in the U.S. after a regulatory letter noted “certain deficiencies” in its processes.
The London-based bank became the latest to disclose that investigations by the Federal Reserve and the Office of the Comptroller of the Currency into foreclosure practices will likely result in fines and costly changes to the way it runs its mortgage business. Get the full story »
Millions of H&R Block Inc. customers who relied on short-term loans backed by their expected tax refunds will not have that option this year, since Block’s banking partner was forced by federal regulators to stop offering the loans.
It’s a blow to Block, the nation’s largest tax preparation company, which could lose customers to competitors still offering the loans because it has virtually no time to find a new funding partner before tax season starts in January. Get the full story »
Daily Herald | Allstate has bought the former headquarters of HSBC Corp. in Prospect Heights. The insurance company said it would demolish the two buildings there immediately and hold the land for future development.
Shares of Northern Trust Corp. jumped 4.4 percent on Tuesday as talk swirled that HSBC, Europe’s biggest bank, may be planning to make a bid for the U.S. trust bank and investment manager. Get the full story »
From London’s Daily Mail | Europe’s largest bank, HSBC, recently pulled out of its bid to acquire a majority stake in South Africa’s Nedbank, but rumours persist that it is lining up a $65 a share cash offer for Chicago-based Northern Trust.
Analysts have already said that a tie-up between HSBC and Northern Trust would make sense as it would significantly increase the UK bank’s assets and give the combined operation a firm lead in the fledgling prime custody arena. Get the full story >>
The Federal Reserve said Thursday that it issued an order against HSBC North American Holdings Inc. requiring the bank to improve company-wide risk management, including practices to prevent money laundering.
It said that within 30 days, the bank’s board must submit a plan for strengthening oversight of its compliance risk-management program. The plan must show how risk is being managed within and across business lines, legal entities and jurisdictions in which the bank operates. Get the full story »
HSBC Holdings Chairman Stephen K. Green will leave the bank to become Britain’s minister of state for trade and investment, the company said Tuesday.
Green will retire from the bank by the end of the year – HSBC did not announced a specific date — and take up his new post in 2011. Get the full story »
HSBC is in focus after the Telegraph reported on renewed speculation that the bank is preparing a $15 billion bid for Chicago-based Northern Trust. Sources said the UK bank asked Goldman Sachs to advise it on a possible $65-a-share offer.
Two HSBC units were hit with two federal class-action lawsuits last week claiming they’ve sold confusing credit-card “payment protection” plans to senior citizens, the unemployed and disabled residents in New Jersey and Pennsylvania who might not be eligible for the coverage plans.
The lawsuits against HSBC Bank USA and HSBC Card Services Inc., which is based in Illinois, were filed July 2 in U.S. district courts in Pennsylvania and New Jersey, and seek class-action status. The suits claim that HSBC, whose U.S. consumer finance unit is headquartered in Mettawa, marketed such “payment protection” products called “Personal Account Protection,” “Personal Account Protection Elite” and “Account Secure Plus” to credit-card customers.
HSBC declined to comment. Get the full story »
