HSBC considers exit from US retail banking: FT

HSBC looking to improve North America performance, report says

HSBC Holdings Plc is considering a complete exit from retail banking in the United States after narrowing the options for how to improve performance at its struggling North America business, the Financial Times reported on Saturday.

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The bank's senior management aim to present the plan to the board in the coming weeks, the FT reported, citing people familiar with the situation.

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HSBCHSBC HOLDINGS PLC27.35-0.44-1.58%

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HSBC declined to comment on the report.

HSBC said last month it planned to reduce annual costs to below $31 billion by 2022, a more ambitious target than it set out in February and well below the operating expenses of $42.3 billion it reported in 2019.

A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014. REUTERS/Stefan Wermuth/File Photo

The bank also said it would also accelerate the transformation of its U.S. business, where it has long struggled to compete with much bigger players.

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