Finance
HSBC to close its US business banking unit to simplify operations
Published by Global Banking & Finance Review®
Posted on May 30, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 30, 2025
2 min readLast updated: January 23, 2026
HSBC exits US business banking to focus on Asia and Middle East, impacting 4,500 clients. The move aligns with HSBC's strategy to simplify operations.
By Jaiveer Shekhawat and Saeed Azhar
(Reuters) -HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets.
"Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States," it said in a statement.
"We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business," it added.
The Wall Street Journal reported on Friday that HSBC's move would affect about 4,500 clients.
The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East markets.
The bank said in January it would wind down M&A and some equities businesses in the Americas and Europe.
The Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment,
In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others.
It sold its Canadian business to Royal Bank of Canada in 2022 for C$13.5 billion.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru and Saeed Azhar in New York; Editing by Cynthia Osterman)
HSBC decided to exit its business banking portfolio in the United States to simplify operations and focus on Asia and Middle East markets.
The move will affect about 4,500 clients, as reported by The Wall Street Journal.
HSBC stated that it is supporting impacted clients while they transition to a suitable alternative provider.
In addition to exiting the US business banking, HSBC announced it would wind down M&A and some equities businesses in the Americas and Europe.
In 2021, HSBC announced its withdrawal from U.S. mass market retail banking by selling parts of the money-losing business and winding down others.
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