HSBC Is Selling Most Of Its U.S. Retail Banking Business

HSBC is winding down much of its U.S. business to turn its attention to richer clients. The British bank announced Wednesday that it was closing most of its retail banking locations in the country, reducing its current footprint from 148 branches to about 25. Those that will remain will be turned into international wealth management centers. While HSBC will remain in the United States, its team there will switch the focus of its retail business to “international banking and wealth management” — and specifically the “needs of globally connected affluent and high net worth clients,” it said in a statement. Read more at CNN Business.