Mortgage

HSBC lays off nearly 200 employees in Florida office

Cuts include mortgage servicing support positions

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.

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