COMPANIES HSBC on Monday announced plans to scale back its US consumer finance operations as the bank launched a £12.5bn ($17.7bn) rights issue designed to re-establish its position as one of the world’s best-capitalised banks.
The bank is further shrinking HSBC Finance Corporation, its US-based credit card and mortgage lender, which has suffered mounting losses as a result of the subprime mortgage meltdown and subsequent US recession.
