Good morning. HSBC is to pull out of mass-market retail banking in the United States by selling branches and winding down others. In a statement released overnight HSBC announced deals to sell businesses on the east and west coast of the US and focus its few remaining branches on serving wealthy clients. The move represents the latest stage of the bank’s pivot towards Asia, which is already its biggest market, and in effect brings to an end its attempts to offer a full banking service in the US. SponsoredNoel Quinn, the bank’s chief executive, said: “They are good businesses, but we lacked the scale to compete.”HSBC will sell its personal and small business banking business on the east coast of the US, including 80

Source: The Times May 27, 2021 07:52 UTC