HSBC exits business serving smaller US firms in latest revamp
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HSBC Holdings plc is exiting its business-banking portfolio in the US, serving small and midsize companies, as part of a strategic overhaul to enhance competitiveness. The division, which has around 4,400 clients, will transition them to other providers while retaining some in different divisions. This decision follows previous cuts, including 40 jobs in the unit, and aligns with CEO Georges Elhedery's efforts to improve efficiency and reduce costs. HSBC has also previously exited its US mass market retail banking and is focusing on expanding its innovation banking operations.
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Source: The Edge Malaysia The copyright of this article belongs to the original author/organization.
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