Bank / Credit Union

HSBC leaving US retail banking, reshuffles top jobs

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February 23, 2021

HSBC has set plans in motion to leave U.S. retail banking to help the organization cut costs, boost fee income and continue its strong shift towards Asia.

The bank has approximately 150 remaining branches in the U.S. after closing 80 branches last year. By closing all the U.S. branches HSBC will dispose of the domestic arm of its business that has significantly underperformed, according to a report from CNBC.

The bank also reshuffled several top jobs and appointed Nuno Matos as CEO of its wealth and personal banking business; Chief compliance officer Colin Bell became head of HSBC's European business; Michael Roberts was appointed CEO for the U.S. and Americas and Stephen Moss will move to Dubai as head of the Middle East, North Africa and Turkey business.

Moving Moss to Dubai indicates the bank is expanding its presence in the Middle East, which may become a big part of HSBC's strategy to have a greater presence in Asia.

The bank also is also expanding the role of Chief Financial Officer Ewen Stevenson. He will now be in charge of the bank's transformation program and mergers and acquisitions plans.