HSBC has announced a “strategic withdrawal” from its US retail banking operations, selling chunks of its business as it continues to focus on Asia.
In February, the first notes of a withdrawal sounded as HSBC said it planned “organic and inorganic options” for its loss-making US division.
The US arm made pre-tax losses of $500 million in 2020, yet North America-based accounts make up 11% of its overall customer account value.
Now the bank is due to close 90 of its 148-strong branch network, and exit from all personal banking accounts with values of less than $75,000.