Word: creditably
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...Midland Bank, which it bought in the '80s. In 1999 HSBC acquired Republic New York Corp. for $9.7 billion. In 2003, in a move that signaled HSBC's determination to shift into higher-margin consumer businesses, HSBC paid $14.4 billion for Household International, a provider of car loans and credit cards to less affluent Americans. Bobby Mehta, CEO of HSBC in North America, believes there is still potential in the U.S. market. He says strong loan growth in the third quarter of 2005 produced a 9.5% jump in profits for all of HSBC's U.S. businesses. "We don't believe...
That's not to say HSBC can't compete and win. To get a head start in the virtually untapped Chinese credit-card industry, HSBC in July formed a joint venture with its partner Bank of Communications. Although the operation is 100% owned by the Chinese bank, the cards will be co-branded with HSBC, which plans to acquire a stake when regulations allow. "We always try to be the first through the door," says Yorke, HSBC's China chief. In India HSBC employs mobile marketing teams that push its services at stalls set up in shopping malls, office buildings...
...plants with some 25,000 job cuts out of a total of 123,000 in North America. The cutbacks are designed to halt the company's losses on its domestic auto operations--$1.2 billion in just the third quarter of 2005--and shore up a credit rating that began to deteriorate last year to junk-bond status. Turning that around while pursuing his philosophical imperatives will be a fancy juggling act. Previous CEOs have repeatedly tried to reinvent the company without enduring success. The difference this time is that there might not be a next time...
Among workers, Ford's sincerity has won him loyalty. When an explosion ripped through the Rouge plant in 1999, he ignored warnings not to get involved and rushed to the site. He gave cash and a credit card to an aide, instructing him to get to the hospital and cover all expenses. Over the following days, he attended funerals and stayed close to the family members. "That was something you don't see from most CEOs," says Walter (Jeff) Washington, president of Local 900 of the United Auto Workers. "It really touched people...
Some abortion-rights foes say that if they want to win the political battle in the long run, they will have to prove that there are alternatives to abortion and that they can work. In 1997, for instance, Missouri passed a tax credit for donations to maternity homes. These activists also acknowledge that they bear a special burden to help women trying to raise babies they can't afford. Larry Weber, executive director of the Missouri Catholic Conference, notes that the year after abortion-rights opponents helped rally support in 1993 to make more people eligible for Medicaid, the abortion...