Diamond Member Pelican Press 0 Posted June 1, 2025 Diamond Member Share Posted June 1, 2025 This is the hidden content, please Sign In or Sign Up HSBC to close its US business banking unit to simplify operations By Jaiveer Shekhawat and Saeed Azhar (Reuters) -HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets. “Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States,” it said in a statement. Advertisement: High Yield Savings Offers Powered by Money.com – Yahoo may earn commission from the links above. “We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business,” it added. The Wall Street Journal reported on Friday that HSBC’s move would affect about 4,500 clients. The ***-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East markets. The bank said in January it would wind down M&A and some equities businesses in the Americas and Europe. The Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment, In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others. It sold its ********* business to Royal Bank of Canada in 2022 for C$13.5 billion. (Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Cynthia Osterman) This is the hidden content, please Sign In or Sign Up #HSBC #close #business #banking #unit #simplify #operations This is the hidden content, please Sign In or Sign Up This is the hidden content, please Sign In or Sign Up 0 Quote Link to comment https://hopzone.eu/forums/topic/265326-hsbc-to-close-its-us-business-banking-unit-to-simplify-operations/ Share on other sites More sharing options...
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