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HSBC may exit retail banking in US

The bank said it would accelerate transformation of its US business, where it has long struggled to compete with much bigger players
HSBC said last month it planned to reduce annual costs to below $31 billion by 2022, a more ambitious target than it set out in February and well below the operating expenses of $42.3 billion it reported in 2019.

Reuters   |   Bangalore   |   Published 29.11.20, 12:16 AM

HSBC Holdings Plc is considering a complete exit from retail banking in the United States after narrowing the options for how to improve performance at its struggling North America business, the Financial Times reported on Saturday.

The bank’s senior management aim to present the plan to the board in the coming weeks, the FT reported, citing people familiar with the situation.

HSBC declined to comment on the report.

HSBC said last month it planned to reduce annual costs to below $31 billion by 2022, a more ambitious target than it set out in February and well below the operating expenses of $42.3 billion it reported in 2019. In February, it had outlined $4.5 billion in cost savings and 35,000 job cuts.

The bank also said it would accelerate the transformation of its US business, where it has long struggled to compete with much bigger players.

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