With all the regret and awkwardness of a one-night stand parting-of-the-ways between co-workers, HSBC announced today that spending $14 billion to buy subprime lender Household International wasn’t the best idea.
In fact, Stephen Green, HSBC’s chairman, said the London-based bank regrets the decision to purchase Household, which originated credit cards, auto loans, and mortgages to borrowers with less-than-perfect credit.
“It’s an acquisition we wish we hadn’t done with the benefit of hindsight, and there are lessons to be learned,” Green told reporters on a conference call today, according to Bloomberg News.
Is there a line item on a balance sheet for “Oops — Our bad?”
