Tuesday, March 3, 2009

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HSBC to cut more than 6,000 U.S. jobs

European bank HSBC is shuttering hundreds of branches in the U.S. that specialize in mortgage and consumer lending, and axing thousands of jobs, as it pulls back from its foray into the American housing market.

HSBC (HBC) said on Monday that it will cut 6,100 jobs in the U.S. and close its HFC and Beneficial bank branches. HSBC spokeswoman Kate Durham said the approximately 800 branches of HFC and Beneficial banks specialized in consumer and mortgage lending and are spread throughout the U.S.

As of Monday, these branches are no longer offering loans, she said, and employees are starting to receive their 30-day notices.

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