HSBC Completes Sale of Upstate NY Branches: 5 Things to Know for the Week

Simon Zhen

Updated on Mon Jul 14, 2014

HSBC has finally completed the same of its retail branches in Upstate New York to First Niagara Bank, which means customers will see new logos the next time they go to a branch. In other news, the President points the finger at JPMorgan Chase is the call for more banking regulations.

  • In his weekly address, President Obama pointed out the multi-billion dollar trading loss by financial behemoth JPMorgan Chase as a reason for more changes on Wall Street to prevent practices that will lead to a repeat of the 2008 financial crisis. “Without Wall Street reform, we could have found ourselves with taxpayers once again on the hook for Wall Street’s mistakes,” Obama said.
  • Many community banks are de-registering its shares from the SEC to avoid paying costly regulatory fees on an annual basis. Often chosen for its less costly account options, community banks are already operating on thin margins due to a low interest-rate environment. The practice may help these banks remain viable.
  • HSBC completed the sale of its Upstate New York retail branches to First Niagara Bank. Starting Monday, the affected branches will open with the First Niagara logo and impacted customers will have their accounts transferred. Customers now access their accounts online through First Niagara Bank’s website.
  • Through a drafted legislation, Massachusetts is set to become the last state in the U.S. to require grocery stores to put prices tags on each individual item. Instead, the stores could place price scanners through the store. Consumer groups are against the rule because it may remove the ability to compare prices. The provisions of this legislation could go into effect as soon as Jan. 1, 2013.
  • New malware has surfaced to target banking customers who use the Google Chrome web browser. The trojan-type malware disguises itself as a plugin installer. Once installed, it redirects users to a spoofed version of their bank’s website. Entering actual banking login credentials into these sites would land sensitive access to financial accounts in the hands of cyberthieves. For now, the malware is targeting users in South America.

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