U.S.-India Trade Framework Signals Major Shift in Tariffs, Energy, and Supply Chains 
South Africa Eyes ECB Repo Lines as Inflation Eases and Rate Cuts Loom 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Trump Lifts 25% Tariff on Indian Goods in Strategic U.S.–India Trade and Energy Deal 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Trump’s Inflation Claims Clash With Voters’ Cost-of-Living Reality 
Gold Prices Slide Below $5,000 as Strong Dollar and Central Bank Outlook Weigh on Metals 
Gold and Silver Prices Rebound After Volatile Week Triggered by Fed Nomination 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
HSBC, one of the largest banking and financial services institutions in the world, is withdrawing most of its retail banking business in the U.S. The bank announced its decision on Wednesday, May 26.
HSBC stated that it will now close a number of its retail banking outlets in the region, and with this move, only 25 locations will remain out of its total of 148 branches. CNN Business reported that the ones that will stay would be transformed into international wealth management centers.
HSBC’s plan after closing over a hundred bank branches
The bank will not totally pull out in the American market as select locations will remain open. However, these will not be the same establishment that will offer the usual retail banking services.
Rather, HSBC will be focusing on banking and wealth management to cater to the needs of customers on a global level. To be more specific, the bank explained it will provide services according to the “needs of globally connected affluent and high net worth clients."
It was reported that the bank’s decision to exit its US bank retail business was actually anticipated. This is because HSBC already warned in the past that the company must cut costs, especially in the U.S., where it has been struggling to gain a strong foothold.
Bank location sell-offs
HSBC will now sell big chunks of its U.S. business, and as of Wednesday, there are some buyers already. It was mentioned that Citizens Bank in Rhode Island agreed to acquire its East Coast retail unit that has 80 branches with over 800,000 customers.
"We are pleased to announce the sale of the domestic mass market of our US retail banking business,” HSBC CEO Noel Quinn said in a statement. “They are good businesses, but we lacked the scale to compete. This next chapter of HSBC's presence in the US will see the team focus on our competitive strengths, connecting our global wholesale and wealth management clients to other markets around the world."
Fox Business added that on the West Coast, 10 HSBC bank branches will be sold to Cathay Bank. These hold around 50,000 customers. Then again, it was said that the deals are still subject to regulatory approval and expected to complete within the first quarter of 2022.
