11
Nov

HSBC to Exit Auto Loan Servicing, Sells to Texas Firm

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pay day loanHSBC has announced that it will sell off its American based loans serving department part of which is in the California area. They also announced they will sell $1 billion in auto loans for a substantial loss to an American firm.

Beginning in the first quarter of next year, workers from several of its plants will be reassigned to other locations as part of this restructuring effort. HSBC finance has stated that most of the workers will be reassigned to the company that has acquired the loans department. It’s unknown at this time whether any of these employees will be looking to get a cash advance to help them through the transition.

HSBC Finance has been down this road before. Last year around 400 people were laid off when the automotive lending business went sour. All these developments will not have a direct effect on the same day payday loan industry.

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