Australia Jobs Growth Strengthens Rate Hike Outlook 
US Dollar Climbs to One-Year High as Fed Rate Hike Expectations Surge 
Asian Markets Rally as Micron and Qualcomm AI Outlook Lifts Global Tech Stocks 
Heineken Names JDE Peet’s CEO Rafael Oliveira as New Chief Executive 
SK Hynix Targets $29.4 Billion Nasdaq Listing to Expand AI Chip Business 
Samsung Electronics Stock Surges on Report of Massive $59 Billion Share Buyback Plan 
Bessent Says U.S. Must Strengthen Supply Chains and Economic Security 
South Korea’s KOSPI Rebounds as Samsung and SK Hynix Lead Tech Stock Recovery 
BOJ Hawk Signals Faster Interest Rate Hikes Amid Inflation Risks 
Wall Street Slides as AI Stocks Tumble Following South Korea Tech Sell-Off 
Bayer Wins Major U.S. Supreme Court Roundup Lawsuit, Shares Surge 
Gold Prices Rise Above $4,000 as Inflation Data and Weaker Dollar Boost Demand 
Doncasters Raises $919 Million in NYSE IPO as Aerospace Growth Accelerates 
South Korea’s KOSPI Jumps Over 5% as Samsung, SK Hynix Rally on Micron Earnings Boost 
Nissan Halts Electric Qashqai Development Amid EV Market Challenges 
Tencent Reviews Marvelous Stake as Gaming Giant Reassesses Global Investment Strategy 
OpenAI May Delay IPO to 2027 Amid $1 Trillion Valuation Goal 
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.
