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HSBC Holdings Plc is considering pulling out of retail banking in the United States altogether after curtailing options to improve the performance of its struggling North American business, the Financial Times reported on Saturday.
The bank’s senior management intends to present the plan to the board in the coming weeks, the FT reported, citing people familiar with the situation.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| HSBC | HSBC HOLDINGS PLC | 26.89 | +0.14 | + 0.52% |
HSBC, STANDARD CHARTERED HAS BEEN MOVED LARGE SUMS OF ILLEGAL MONEY FOR 2 DECADES WITHOUT AN IDEA OF THE ORIGIN OF MONEY: REPORT
HSBC declined to comment on the report.
HSBC said last month it plans to cut annual costs to less than $ 31 billion by 2022, a bigger target than it set in February and well below operating expenses of $ 42.3 billion announced in 2019.
A man walks past an HSBC bank branch in the City of London, Great Britain, November 12, 2014. REUTERS / Stefan Wermuth / File Photo
The bank also said it will also accelerate the transformation of its business in the United States, where it has long struggled to compete with much larger players.
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