| Market Capitalization (Millions $) |
- |
| Shares
Outstanding (Millions) |
- |
| Employees |
1,600 |
| Revenues (TTM) (Millions $) |
- |
| Net Income (TTM) (Millions $) |
389 |
| Cash Flow (TTM) (Millions $) |
-100 |
| Capital Exp. (TTM) (Millions $) |
1 |
Business Description
HSBC Finance Corp is an American bank holding company that focuses on consumer lending and related businesses. The company is headquartered in Mettawa, Illinois, and is a subsidiary of HSBC North America Holdings Inc., which is in turn a subsidiary of HSBC Holdings plc, a British multinational banking and financial services holding company.
The history of HSBC Finance Corp goes back to the 1800s, when it was known as Household Finance Corporation. The company provided financing to people who were unable to get credit from traditional banks. Over the years, the company expanded its services to include personal loans, auto loans, and credit cards.
In 2003, HSBC Holdings plc acquired Household International, Inc., and renamed it as HSBC Finance Corp. The acquisition was part of HSBC's strategy to expand its consumer finance business globally.
HSBC Finance Corp offers a range of consumer finance products, including personal loans, auto loans, and credit cards. The company partners with retailers to offer store credit cards and provides commercial lending services to small businesses. HSBC Finance Corp also provides insurance products through its subsidiary, HSBC Insurance Agency (USA) Inc.
Despite its offerings, HSBC Finance Corp has faced challenges over the years. In the wake of the 2008 financial crisis, the company faced substantial losses from subprime mortgage loans, leading to significant layoffs and restructuring of its operations. In 2010, the company sold its credit card portfolio to Capital One and has since focused on its remaining businesses.
In recent years, HSBC Finance Corp has focused on improving its risk management practices and renewing its commitment to responsible lending. The company has also implemented digital technologies to improve the customer experience.
Overall, HSBC Finance Corp remains a major player in the consumer finance industry in the United States. With the support of its parent company, HSBC Holdings plc, the company is well-positioned to continue to provide innovative financial solutions to its customers.
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