HSBC in Firing Line as NETeller Customers Seek Compensation
By Miriam H
Banking giant HSBC is to write off $11 billion to cover significant losses generated from its American offshoot, HSBC Finance Corporation, according to a report in the Sunday Times.

HSBC’s US business has been put under serious financial strain by thousands of low-income families who have been unable to repay loans, leading to a huge debt write-off.

The banking corporation’s business relationship with the disgraced online payment processor, NETeller, may see it become a target for the thousands of customers who are seeking recover funds from the company, which has seen its shares suspended, and its two co-founders arrested and facing trial on a variety of charges ranging from racketeering to money laundering.

Shares in HSBC closed the week at 886p — 10p off their lowest value for the past 12 months— valuing the company at £102 billion.

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