Silicon Valley Bank’s U.K. arm to be acquired by HSBC for just over $1
Washington PostJUL 2023
While ordinary citizens are trying to navigate bloated mortgage payments and a rising cost of living, HSBC and its fat cat bankers are profiteering like bandits. There is an apparent problem with the current economic structure if a multibillion-dollar bank can double its profits while doing nothing to help its customers. Regulators must step in to make sure that HSBC passes down its earnings to its struggling consumers.
Despite ongoing criticism of HSBC, it's the first bank in the UK to have cut mortgage rates despite the rising interest rates. While some may want to demonize all banks, especially the largest and most successful ones, it's unfair to say that HSBC is not doing anything to help customers save money. As a business the bank is, of course, out to make money, but it's doing its best to balance its financial obligations to shareholders while helping out savers.