HSBC Holdings Plc seeks to cut its retail footprint in the U.S by selling 90 of its 148 branches, according to Wall Street Journal. The bank also seeks to exit the mass market and service to smaller businesses as attention shifts to wealthy clients and global banking.
The reduction of retail footprint in the U.S will be followed by other closures of 35-40 more branches .
HSBC will also dispose of sections of business in Cathay General Bancorp and Citizens Financial Group Inc.
HSBC plans to retain about two dozen operations and make them global wealth centers.
The planned exists of the mass market is expected to cut HSBC customers from 1.4 million to about 300,000 and the bank will not serve clients with balances below $75,000.
Small businesses with sales of about $5 million and below will also be cut off from HSBC’s retail-business banking.
HSBC will also sell in loss making retail bank in France.
HSBC, which derives most earnings in Hong Kong and mainland China, is seeking international operations in Asia in recent overhaul.
HSBC closed up 0.063% on Wednesday.
