Financial Times Reports That HSBC Is Considering Exiting From U.S. Retail Banking

On Saturday FT reported that. HSBC Holdings Plc is considering a complete exit from retail banking in the United States after reducing the options for how to improve performance at its struggling North America business. The bank’s senior management aspire to present the plan to the board in the coming weeks. When asked to comment, HSBC refused to give a comment.

Last month HSBC said 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. The bank also added that it would stimulate the transformation of its U.S. business, where it has long wrestled to compete with much bigger players.