• 23 Feb 2009 at 10:23 AM

Unfounded Rumor Of The Morning: HSBC

By Equity Private

Not sure we’d name our ‘move the bank overseas’ project after the plane that is best known for a deadly crash but WTF do we know? Supposedly:

Most of the US operations will be shut down as part of global initiative to move most/all US banking, sales and trading to the UK balance sheet. For some reason, this is all code named “Project Concorde.” Eric Knight will be happy.
HSBC is now considering a $20 billion rights offer. Trying to get out of here before is US shut down, and the bank goes the way of RBS. Or become an incompetent Global Head of Markets.

Comments (24)

  1. 1
    Posted by guest | February 23, 2009 at 10:26 AM

    Brett and I are quite unhappy with the “New Zealand” joke that Hugh Jackman said at the Oscars last night. Murray was upset as well.
    Jemaine
    Flight of the Conchords

  2. 2
    Posted by guest | February 23, 2009 at 10:28 AM

    I guess predatory lending is not such a great thing for HSBC in the old USA anymore. Good riddance!

  3. 3
    Posted by guest | February 23, 2009 at 10:28 AM

    Deutsche Bank will do this next.

  4. 4
    Posted by guest | February 23, 2009 at 10:38 AM

    And say good bye to UBS (UBS sucks)
    Bye UBS,

  5. 5
    Posted by StupidEquityGuy | February 23, 2009 at 10:40 AM

    Perry Capital LLC, the U.S.-based hedge-fund firm that helped finance Malcolm Glazer’s purchase of the Manchester United soccer club, has offered to halve the performance fee on its $8.3 billion flagship portfolio, as some of the world’s largest managers try to sweeten investors following their worst losses.
    http://online.wsj.com/article/SB123533896476443489.html

  6. 6
    Posted by guest | February 23, 2009 at 10:46 AM

    I am the CEO of a hedge fund. What is “performance”?

  7. 7
    Posted by guest | February 23, 2009 at 10:48 AM

    @SEG- your insistence on posting off-topic comments is made more obnoxious by the fact that DB wrote about that 2+ weeks ago:
    http://dealbreaker.com/2009/02/dear-perry-peeps.php

  8. 8
    Posted by guest | February 23, 2009 at 10:52 AM

    @5
    Too Ohh Ahh; didn’t Cantona…

  9. 9
    Posted by StupidEquityGuy | February 23, 2009 at 10:53 AM

    Sorry for bothering you… my bad.
    ~SEG

  10. 10
    Posted by guest | February 23, 2009 at 10:53 AM

    Felix and Morgan Stanley advising HSBC to buy Household Finance didn’t work out too well…

  11. 11
    Posted by guest | February 23, 2009 at 10:58 AM

    @9- I’m just sayin’…try a search function.

  12. 12
    Posted by guest | February 23, 2009 at 10:58 AM

    Hey guys, I am an ’07 Penn undergrad and have spent almost two years in electrical engineering. I’m very quantitaive and looking to transfer my skills more to where the action is happening. Any advice you can provide on breaking into the inevestment banking field would be much appreciated.
    Cheers,
    Pierre

  13. 13
    Posted by guest | February 23, 2009 at 11:01 AM

    @12
    RUN

  14. 14
    Posted by guest | February 23, 2009 at 11:02 AM

    Pierre,
    Learn how to fucking spell.

  15. 15
    Posted by guest | February 23, 2009 at 11:06 AM

    @12, Investment banking is booming right now and can always use a fine young man such as yourself. Given your background, I would suggest either the CDO, CLO or any other structured finance products. I think these industries are prepared to take off soon! Submit your resume to either C or MER, they’re the industry leaders.

  16. 16
    Posted by guest | February 23, 2009 at 11:13 AM

    Hey Pierre, my buddy Jerome at SocGen can hook you up with something.

  17. 17
    Posted by guest | February 23, 2009 at 11:22 AM

    @12….call Aquila in Kansas City. They have a great history of transferring engineering prowess into $$$$$.

  18. 18
    Posted by guest | February 23, 2009 at 11:27 AM

    @12
    I want some of what you’re smoking

  19. 19
    Posted by guest | February 23, 2009 at 11:35 AM

    The GC at HSBC-U.S. is ex-CSFB, and from what I recall, he was one of the most craven people there. Cannot say that this move was not a long time coming.

  20. 20
    Posted by guest | February 23, 2009 at 11:47 AM

    @8 Shows your age but nice!

  21. 21
    Posted by guest | February 23, 2009 at 11:51 AM

    LOL at troll @12. Judging by the responses, I’d say your post was a success.

  22. 22
    Posted by guest | February 23, 2009 at 11:56 AM

    @12
    I hear UBS is hiring.

  23. 23
    Posted by mrpink | February 23, 2009 at 12:16 PM

    @12, submit your resume to Bear Stearns!
    -mrp

  24. 24
    Posted by guest | February 23, 2009 at 12:23 PM

    @20:
    Anyone who kung fu’s an opposing fan in the neck – I mean, no matter what age you are, is a all-timer.
    I would have gone with “Too Keane; didn’t O…” (more my era) but figured it might fly over some heads.

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