May 27, 2021

HSBC: US exit shows bank is delivering on promises, slowly

The bank has already announced plans to sell its French retail banking unit. In two transactions, it will sell assets to two US institutions, Citizens Bank and West Coast-focused Cathay Bank. The changes will affect the US wealth and personal banking unit, which lost $547m last year and pulled all US operations into loss. HSBC will retain its US commercial banking and global markets businesses. Loyal shareholders will be happy to see Quinn making good on his promises for the bank.

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