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HSBC Reviewing Options for Mortgage Division | News

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HSBC Reviewing Options for Mortgage Division
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BUFFALO, NY- 2 On Your Side has learned that HSBC is considering making some changes to the mortgage side of their business that could potentially have a big impact here in western New York.

Neil Brazil, Vice President -Public Affairs for HSBC North America says employees were told Monday the bank is looking at several options for the HSBC Mortgage Corporation (USA), a subsidiary of the bank.

Those options include, but are not limited to, a sale, merger, or other business combination, the sale and outsourcing of all or substantially all of the Corporation, its operations and its assets, or another exit from these operations.

Brazil stressed that HSBC is still very much in the mortgage business and that maintaining the status quo is also a option.

HSBC employs the bulk of their 1500 Mortgage Corporation workers, about 800 of them, at their Depew facility located on Walden Avenue. 80 employees were laid off from there in May.

While not setting a firm time table for action, Brazil said a decision is likely to be made within the next few months.

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