HSBC Mortgage Services to lay off 48 workers in Chesapeake

By Tom Shean
The Virginian-Pilot
© June 26, 2008

HSBC Mortgage Services, a unit of the London-based banking company HSBC, notified Virginia this week that it plans to lay off about 48 employees at its Chesapeake facility in August.

The layoffs, it said in a filing with the state, were due to a permanent reduction in its work force there.

HSBC is cutting these positions to improve the efficiency of its Chesapeake operations center and better integrate its operations, said Kate Durham, a spokeswoman for HSBC-North America, on Thursday.

The layoffs, she said, will occur between Aug. 17 and year's end.

Durham declined to say how many employees HSBC has in Chesapeake. According to the Hampton Roads Economic Development Alliance, HSBC had 1,200 employees there in 2007.

The banking company gained a major presence in Chesapeake in 2003 when it acquired the consumer-finance company Household International Inc.

HSBC provides mortgages and other financial services throughout the United States.

Tom Shean, (757) 446-2379, tom. shean@pilotonline.com

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Too little, too late

Submitted by jasonwebb1969 on Thu, 06/26/2008 at 2:58 pm.

Old news. Where was the reporting when large companies like Wells Fargo, National City Mortgage, GMAC and others laid off huge numbers of employees last year? Not to mention the hundreds of small lenders and brokers who simply closed up shop following the mortgage industry fallout.