HSBC to Exit US Business Banking Unit to Streamline Operations

Key Takeaways HSBC will exit its US Business Banking portfolio, affecting around 4,500 clients. The move aligns with a broader shift toward Asia and streamlining of global operations. HSBC is merging divisions, cutting staff, and scaling back Western operations under CEO Georges Elhedery.After shutting its retail banking business in the United States in 2021, HSBC Holdings PLC (HSBC) is now set to close its business banking division in the country. This announcement comes amid the company’s ongoing busine ...