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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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HSBC | HSBC HOLDINGS PLC | 26.89 | +0.14 | +0.52% |
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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