The news: HSBC is closing its US business banking division, which served small and medium-sized businesses (SMBs)—affecting 4,400 clients, per PYMNTS. It hasn’t specified a timeline for this transition.
The plan: The shift is part of HSBC’s broader strategy to exit noncore markets (in North America) and concentrate on Hong Kong, the UK, and Asia. Preceding the US departure, it sold HSBC Canada to the Royal Bank of Canada.
It's also merging its commercial banking and global banking and markets divisions.