HSBC to Wind Down Business Banking Unit in US

Group 1 - HSBC is winding down its business banking unit in the U.S., laying off 40 employees and notifying 4,400 clients as it shifts focus to other markets [1] - The bank has been withdrawing from international markets, concentrating on Hong Kong, the U.K., and Asia since CEO Georges Elhedery took over [2] - HSBC previously sold its U.S. retail banking business in 2021 and Canadian operations in 2022, while maintaining a wealth division and a wholesale bank in the U.S. [3] Group 2 - CEO Georges Elhedery has a history of leading through change and driving growth, having been with HSBC since 2005 [4] - Elhedery expressed a commitment to delivering exceptional value to clients and investors through sustainable growth [5] - The restructuring announced in October aims to streamline decision-making and eliminate redundancies, allowing HSBC to focus on businesses with competitive advantages [6]