HSBC To Exit US Consumer Finance Business - Except Credit Cards

In its annual earnings release today, HSBC announced that it was going to shut down its US HSBC Finance business:

It is now clear that models of direct personal lending that depend on wholesale markets for funding are no longer viable. In light of this, we have taken the difficult decision that, with the exception of credit cards, we will write no further consumer finance business through the HFC and Beneficial brands in the US and close the majority of the network. Thus, in terms of new business, we are drawing a line and we will run off our existing business, providing all necessary support to HSBC Finance to enable it to do so in a measured way and meet all its commitments. ... With the benefit of hindsight, this is an acquisition we wish we had not undertaken."