HSBC U.S. subprime unit employees fear layoffs
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HSBC Holdings Plc's  U.S. subprime unit scheduled a management conference call with its staff on Friday amid concern about layoffs and even a winding down of operations, two employees at the unit said.
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The bank said it lost about $854 million, exceeding analystsâ fears about how badly it would suffer from its subprime mortgage bets.
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Countrywide, the nationâs largest mortgage lenders, said Friday that it would lay off up to 20 percent of its workforce over the next three months.
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H&R Block looks to put its subprime woes behind it.
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Bank of America Corp , the  second-largest U.S. bank, plans to lay off 3,000 people in its  corporate and investment banking unit, including its chief, the  Wall Street Journal reported Wednesday, citing people familiar  with the situation.
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As an economic slowdown and the subprime mortgage crisis deepen across the United States, Hispanic immigrants are increasingly in danger of losing their jobs and their homes.
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Swiss bank UBS seeks backing to sell stakes in the firm as it tries to assess the impact of the US sub-prime crisis
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The proposal by federal regulators comes as subprime mortgages have come under stress and scrutiny.
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HSBC Holdings Plc , Europe's biggest bank, said on Friday that it would close its U.S. subprime mortgage unit, cutting 750 jobs and taking an $880 million writedown, because the business is no longer sustainable.
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The company's development group has been hit with layoffs.
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Swiss bank UBSâs string of stinging financial disclosures is  symptomatic of how the subprime drama has unfolded in Europe and is stoking fears of more shocks to come.
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Wall Street banks are bracing for another wave of multibillion-dollar losses as the crisis that began with subprime mortgages spreads through the credit markets.
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U.S. and European banks including Citigroup Inc  and HSBC Holdings PLC  are considering selling off parts of their businesses as they prepare for tough times ahead, the Wall Street Journal reported.
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Hundreds of branch employees at Fleet Bank, one of the largest banks in Philadelphia and now part of Bank of America, are being laid off Wednesday across the Northeast.
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Banking giant HSBC is to close part of its US sub-prime mortgage business, cutting 750 jobs in the process.
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The problems of subprime loans hint at broader risks in financial markets.
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H&R Block said yesterday that the sale of its subprime lending unit, Option One Mortgage, might fall apart as credit markets deteriorate.