HSBC pulling out of US mass market retail banking

HSBC said it would withdraw from U.S. mass market retail banking by selling some parts of its business and winding down others, Reuters reports.

Europe’s biggest bank has for years been trying to shrink its presence in some European and North American markets where it struggles to compete with larger domestic players.

The bank said in a statement late on Wednesday it would exit retail banking for individual and small business customers but retain a small physical presence in the U.S. to serve its international affluent and very wealthy clients.

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