NEW YORK–HSBC is exiting its business banking portfolio in the United States, with plans to simplify operations and shift its focus to Asia and Middle East markets.
“Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States,” the bank said in a statement. “We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business.”
The move will affect approximately 4,500 clients, according to the Wall Street Journal, which said the U.K.-based HSBC has laid off 40 employees in the U.S. business banking division.
Earlier Exits
In 2021, the bank said it was withdrawing from the U.S. mass market retail banking by selling some parts of the money-losing business and winding down others, the Journal added. It also sold is Canadian business to Royal Bank of Canada in 2022.
