Money
The bank refocusing on Asian corporate banking
HSBC is set to exit its retail and small business banking market in the United States.
The move comes as the bank seeks to refocus on corporate and investment banking in Asia.
The bank currently operates 148 US branches, 90 of those are expected to be sold.
The bank also plans to turn about 20 locations into international centres that are dedicated to high net worth individuals.
HSBC’s Chief Executive, Noel Quinn says they are “good businesses”, but the company “lacked the scale to compete”.