HSBC is reportedly set to scrap retail banking operation in the US and also mulling to reshuffle several key executives as part of its strategy to shift focus towards Asia.
HSBC, which has been struggling in the US market, has already closed 80 branches last year and planning to sell or close the remaining 150 retail branches in the US.
The move to exit US market is part of chief executive Noel Quinn’s strategy to reduce costs and raise fee income, new agency Reuters reported.
HSBC has been serving as a full financial institution in the US for the last 40 years and running in losses for three years.
As a part its “pivot to Asia” strategy, the banking giant will also relocate some of its top executives to Hong Kong from its headquarters in London in the coming months.
Ahead of announcing earnings for 2020, the bank reshuffled several senior executives. Nuno Matos has been named as CEO of wealth and personal banking business, while head of compliance Colin Bell has been made head of the bank’s European business, Reuters’ report added.
Furthermore, CFO Ewen Stevenson has been given additional responsibility to run the bank’s transformation agenda and set mergers and acquisitions strategy.
Michael Roberts has been named as the chief executive for the US and Americas operations, while Stephen Moss has been appointed as head of the Middle East, North Africa and Turkey business.
Moss will relocate to Dubai as part of the bank’s strategy to strengthen its presence in the middle east region.