Well, HSBC stands for Hong Kong and Shanghai Banking Corporation...
To make it short... here is my take on HSBC after living/working in Hong Kong for a little over a year.
HSBC is one of three banks that can print/distribute money in Hong Kong/Macau. That being said, without getting into actual numbers, it has holdings of at least 33% of all revenue in that principality - which, since it is the largest of the three banks that back the currency, it probably holds more than 33%. So, It can do whatever it wants and have absolutely no repercussions. It simply does business elsewhere to gain excess cash on hand. As a corp, it could care less about operations in the US - it currently holds almost all of its assets in Hong Kong, paying no taxes as it is technically, backed by the chinese government but yet has no oversight by the chinese and operates solely as its own entity.
In short. It doesnt need anyone else, therefore, we are left with a crappy corporation selling crappy products with no intention of making them better.
Please keep in mind that I have several accoutns with them, as well as 2 credit cards each with over 10k limit. I opened both of these while living in Egypt, and they are not US based cards, so that is why I still have them. If I had a US based card with them, I would most likely have kicked it to the curb many years ago.
