Strategy
HSBC To Shut US Business Banking Unit – Reports

As part of its restructuring and switching to more of a focus on markets such as Asia, HSBC is exiting certain business banking operations in the US.
HSBC is closing its
business banking operations in the US, focusing instead on
markets such as Asia and the Middle East, various media reports
said late last week.
"Following a strategic review of our business, we have decided to
exit our Business Banking portfolio in the United States," HSBC
was quoted by Reuters as saying on Friday. "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.
This publication has contacted HSBC for further comment and may
update in due course.
The unit served small and medium-sized businesses in the US. The
Wall Street Journal has reported that the UK/Hong
Kong-listed lender has laid off 40 employees and informed its
4,400 clients. There appears to be no effect on HSBC’s private
banking or wealth management business.
For some time, HSBC has been refocusing its business away from
North America. After selling its US retail banking business in
2021, it offloaded its Canadian business the following year
to RBC.
The changes to HSBC's business operations have continued under
CEO Georges Elhedery, who took up the post last year. Last
October, the lender said it was restructuring into four
business lines.
In its first-quarter 2025
financial results, announced in April, HSBC said pre-tax
profit fell year-on-year by $3.2 billion to $9.5 billion, mainly
due to the non-recurrence of money made a year ago by HSBC’s sale
of its Canadian and Argentinian business groups.