Hsbc to announce exit from u.s. retail banking, reshuffles top jobs

HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters on Monday, as Europe’s biggest bank seeks to dispose of a business that has long underperformed. The exit from the U.S. consumer business will form part of the lender’s strategy update due on Tuesday, as Chief Executive Noel Quinn seeks to cut costs, boost fee income and continue the lender’s shift towards Asia. The sale or closure of its around 150 remaining branches in the United States, after it shuttered 80 last year, would mark the end of HSBC’s struggle to turn around a business that has struggled to make inroads against incumbent domestic rivals. Read more at CNBC.

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