Solstice Capital Group - HSBC - Retail

Matt Padilla of the O.C. Register had this:

"HSBC, one of the world's largest banks, is cutting 165 jobs at its Irvine-based lending unit Solstice Capital, which is no longer accepting loan applications.

About 130 workers in Irvine are being let go in stages through early next year, said HSBC spokeswoman Kate Durham. She said the other 35 workers being cut are in Nashville, Tenn."

Several wrote in to alert us to the following announcement appearing on the web site for Solstice Capital:

"Solstice Capital is currently undergoing a business restructuring and not accepting applications. In order to continue to serve you, you may contact our affiliate HSBC Mortgage Corp at 866-341-2582. If you are a current customer with a pending loan application, please call us at 877-563-8637 so we can assist you."

Solstice Capital was a retail arm of HSBC based in Irvine, CA. In 2007, the company averaged over $28 million per month. A tipster reported they just "had a record November." Another source tells us "all 150+ agents/employees were informed today that they have been shut down." "They went to work as usual," read another tip, "... with no warning were told they were shut down."

An archived copy of their web site indicated two additional offices in Phoenix, AZ and Las Vegas, NV. The numbers for both of those offices were "disconnected" or "not in service." A source familiar with the company said those offices had been closed for over a year. HSBC acquired Solstice Capital Group Inc. in August 2006.

Details are still coming in, so stay tuned. Read more about Solstice Capital on our Discussion Forums. If you can help fill in the blanks, please email us or feel free to post a comment below.