HSBC In the United States, he would have finished completing his commercial banking unit when it does not focus on other markets.
While dissolving the business banking unit, which served small and medium-sized enterprises (SMEs) in the United States, the bank dismissed 40 employees earlier this week and informed the 4,400 unit customers, the Wall Street Journal (WSJ) reported Friday May 30.
“We support … customers while they go to an appropriate alternative supplier,” said the WSJ, an HSBC.
HSBC has retired from certain international markets and focused on Hong Kong and the United Kingdom, which are its original markets, and Asia, according to the report.
These movements have accelerated since the CEO Georges Elhedery Took this role in the fall, according to the report.
Earlier this year, HSBC said that it would stop advising businesses on the conclusion of transactions and public return in the United States and Europe, according to the report.
Before that, he sold his retail bank in the United States in 2021 and his Canadian operations in 2022, according to the report.
In the United States, HSBC still has a wealth division, a wholesale bank for large companies and a growing startups in the United States and worldwide. The company focused on startups is based on the British Silicon Valley Bank subsidiary, which HSBC acquired in 2023, according to the report.
When HSBC announced in July that Elhedery would become CEO in September, Sir Mark TuckerSaid HSBC president about Elhedery: “He has a driving history through changeStimulating growth, offering simplification and container costs. »»
Elheddery has been with HSBC since 2005 and was the bank’s financial director when he was appointed CEO.
“By working with our talented team, I can’t wait to provide exceptional value to our customers and investors by stimulating solid performance on a sustainable growth trajectory,” he said at the time of appointment.
In October, HSBC announced a restructuring That he said would rationalize decision -making and eliminate redundancies.
“By bringing these changes, we can better focus on increasing leadership and market share in companies with a clear competitive advantage and the biggest growth opportunities,” said Elheery at the time.
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