HSBC mulling exit from U.S. retail banking sector

According to a report from the Financial Times, HSBC Holdings Plc is weighing options which includes a complete exit from the U.S. retail banking market.

The development comes in the wake of the bank struggling to improve its performance in its North America business.

According to the report which cites sources familiar with the situation at hand, the bank’s senior management aims to present the plan to the board in the coming weeks.

HSBC declined comment.

Last month, HSBC stated it plans on undertaking a cost cutting so as to bring down its annual costs to below $31 billion by 2022; this is a more ambitious target than it set out earlier this year in February and is well below its 2019 operating expenses of $42.3 billion. HSBC also mentioned that it would accelerate the transformation of its U.S. business, where it has long struggled to compete with much bigger players.

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