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HSBC Holdings plc (HSBC) To Wind Down US Business Banking Unit: WSJ

HSBC Holdings plc (NYSE:HSBC) is closing its business banking unit in the United States to simplify its operations and shift its focus to the Asia and Middle East markets, according to a report by The Wall Street Journal on Friday.

The move is expected to affect around 4,500 clients. The company plans to support impacted clients while they transition to alternative providers and will retain some of them in its Mid-Market and Global Network Banking business.

A financial specialist advising a corporate client at the trading desk of a high-stakes bank.

The British financial services group has been reducing its global footprint in recent years in a bid to boost profits and expand in markets where it has an edge.

In January this year, HSBC Holdings plc (NYSE:HSBC) said it would exit its M&A and some equities businesses in Europe and the Americas. In 2021, the bank announced that it was withdrawing from U.S. mass market retail banking by divesting some parts of the business and winding down others.

According to the Wall Street Journal, HSBC Holdings plc (NYSE:HSBC) laid off 40 employees in its U.S. business banking unit last week.

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READ NEXT: ChatGPT Stock Advice: Top 12 Stock Recommendations and 10 Cheap Rising Stocks to Buy Right Now.

Disclosure: None.

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  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

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