Bank / Credit Union

HSBC closes down most US branches

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May 27, 2021

HSBC, a British bank, is closing most of its retail banking locations in the U.S. It is reducing the number of branches from 148 to 25 across the country, according to a report by CNN.

The bank said it will be switching its focus to international clients, particularly "globally connected affluent and high net worth clients," according to a statement.

The bank has struggled to gain ground in the U.S., but has been making most of its money in Asia. As a result, the bank plans to move four of its top executives to Hong Kong later this year and expand its presence in China.