New York — When HSBC interim CEO Noel Quinn announced a dramatic overhaul in February to try to restore the bank’s fortunes, he took aim at what has now become a familiar target for European bank bosses — the US market.

HSBC, which in only 2019 was talking about adding 50 more retail branches to its 220-strong US network, is now closing 30% of its branches after admitting the division is loss-making. Its US trading business is in the line of fire too; Quinn is cutting its assets as measured by risk by 45%, a bigger reduction than HSBC’s businesses elsewhere, after profits from the US markets business fell by more than 20% in 2019.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now