HSBC to Exit US Business Banking
London-headquartered HSBC continues its global pivot with the latest exit from business banking in the US.
HSBC will close its business banking unit in the US, according to a statement.
«Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States,» the bank said. «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.»
The move is part of the bank's broader pivot to Asia and the Middle East with various other instances of exits or downsizing. Most recently, HSBC announced in May that it would cut 348 jobs in France, which is the equivalent of 10 percent of the country's workforce.
