Wednesday , January 20 2021

HSBC considering exit from US retail banking

Bloomberg

HSBC Holdings Plc is considering an exit from US retail banking, according to a report by the Financial Times.
In the coming weeks, senior managers will outline the plan to the bank’s board, the newspaper said, citing two unidentified people familiar with the matter.
They are also likely to suggest reducing investment banking activities to concentrate on international clients with a focus on Asia and the Middle East. A full exit from the US is no longer being considered.
No final decision on the future of the retail business has been made. A spokesman for HSBC declined to comment.
HSBC unveiled a sweeping restructuring earlier this year, announcing job cuts of about 35,000 over the next three years as the lender navigates rising geopolitical tensions in China and Hong Kong, one of the key drivers of its profits. The bank said it would announce a further revision to its overhaul when it reports its full-year figures next year, with fresh details of the company’s plans on capital deployment and costs.

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