HSBC - HSBC backs out of U.S. retail banking

You may be getting a new bank account if you're still a customer at HSBC (HSBC). The company is ending its mass market retail banking business in the U.S., selling much of the operations to Citizens Bank (CFG) and Cathay Bank (CATY), as it pivots towards wealth management and international banking. The change of strategy means HSBC will go from 1.4M customers to about 300K, after expanding into U.S. retail banking in the 1980s to diversify its geographical focus.Details: The bank will offload 90 of its 148 American branches and wind down another 35 to 40 locations. Two dozen other sites will be converted into international wealth centers that will only service high-net-worth clients with balances over $75,000. HSBC will also sever ties with its retail business customers, meaning it will no longer transact with small businesses that have turnover of $5M or less."They are good businesses, but we lacked

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HSBC backs out of U.S. retail banking