You have probably heard about HSBC’s latest initiative to stop the bleeding as record numbers of clients began withdrawing money from many banks. It appears the People’s ire was sufficient to reverse their decision. Way to go, People! ~ BP
Reblogged from American Kabuki
Following the quiet update that HSBC had decided to withhold large cash withdrawals from some if its clients – demanding to know the purpose of the withdrawal before handing over the customers’ money – it appears the anger among the over 60 thousand readers who found out about HSBC’s implied capital shortfall just on this website, has forced HSBC’s hands.
The bank issued a statement (below) this morning defending their actions – it’s for your own good – but rescinding the decision – “following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide…
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