HSBC Rules Out Full U.S. Exit

A full departure from the largest economy is reportedly no longer being considered but decisions on the retail unit remain unconfirmed.

A U.S. retail banking pullout could still happen, according to a report citing unnamed sources, though a full exit from the market will not be explored anymore.

Plans will be outlined by senior managers in the coming weeks alongside suggestions to cut investment banking activities to focus on international clients, especially in Asia and the Middle East.

HSBC’s decision to downsize its U.S. business is part of a broader overhaul to cut costs and 35,000 jobs globally. According to the British lender, further revisions on plans such as future capital deployment and cost-cutting will be announced during the next annual reporting session.