London-based HSBC announced another round of layoffs, cutting 197 employees at its Brandon, Florida, office, according to an article in the Tampa Bay Times by Malena Carollo.

The article noted that among the affected positions are analysts, collection specialists and mortgage servicing support. The move leaves the company with about 70 remaining employees at that branch.

From the article:

“In a WARN layoff notice filed with the Florida Department of Economic Opportunity dated June 30, HSBC said the cuts will be permanent and take place in early September or October. After the downsizing, the office will remain open.”

As of late, the London bank has been working through a lot of mortgage issues with the U.S. Most recently, HSBC is rumored to be in talks to finally resolve a U.S. probe into its sale of toxic mortgage bonds that date back to the financial crisis.

And HSBC only recently shut the door on a separate government settlement that also dealt with mortgages originated during the crisis. Back in February 2016, HSBC agreed to a $601 million settlement with a series of federal agencies and nearly every state over charges that the bank engaged in mortgage origination, servicing and foreclosure abuses.

Most Popular Articles

Fannie Mae, Freddie Mac watchdog prepping for "massive IPO"

The watchdog for Fannie Mae and Freddie Mac is interviewing Wall Street firms to handle a public offering that would dwarf any IPO in history, Fox says.

Dec 09, 2019 By

Latest Articles

Borrowers gained nearly $457 billion in home equity in the last year

Homeowners with a mortgage – about 64% of all homeowners – saw their equity increase by 5.1%, a total of nearly $457 billion, since the third quarter of last year.

Dec 12, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please