HSBC Mortgage may still be for sale
It doesn't look like HSBC will offload U.S. mortgage business before the May 11 shakeup planned by the new CEO, Stuart Gulliver. The fate of HSBC Mortgage Corp. is likely to continue to remain uncertain eight months after its parent company, HSBC Bank USA, announced a possible sale of the mortgage unit. Gulliver is said to be restructuring operations, according to British financial press outlets, and will unveil his new plans during Investor Day, scheduled on the above date. In August, HSBC said it would evaluate all options for its mortgage unit, which operates mainly out of New York. The named options included a possible sale, merger or other business arrangement. As of Thursday, the mortgage unit remains the subject of speculation, andno possible buyers have surfaced. The bank is still mum on what steps will be taken, if any. Neil Brazil, a spokesman for HSBC Mortgage, said, "That review remains ongoing and there is nothing further to share at this point. All options are being considered but it is important to note that the review may not result in any action." Brazil said HSBC Mortgage is considering "what is the best option for our customers and staff." HSBC's mortgage operations employs roughly 1,500 in the US. In 2009, the division was the 11th largest mortgage servicer by volume. Write to Kerri Panchuk.