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HSBC Exits U.S. Mass Market Retail Banking
May 28, 2021, 08:04 AM
Exiting 90 branches out of a current branch network of 148 branches
HBUS will retain a small network of physical locations in existing markets which will be repurposed into 20-25 international wealth centres
Remaining branches, between 35-40, will be wound down
Exiting all Personal, Advance and certain Premier banking customers (those with balances below US$75k)
Exiting all retail business banking customers (small businesses with turnover of US$5m and under)
As a result, HSBC Bank USA, N.A. (âHBUSâ) will reposition its US Wealth and Personal Banking business to focus on the banking and wealth management needs of globally connected affluent and high net worth clients. HBUS will exit its domestic mass market retail banking business and retail business banking (collectively the âBusinessâ)