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After a decade of futile corporate makeovers, HSBC Holdings Plc is on the verge of giving up on its ambition of being a full-service bank in the world’s biggest economy.
HSBC, Europe’s largest bank by market value, is looking at offloading its U.S. consumer franchise as Chairman Mark Tucker accelerates a move to sharpen the lender’s focus on its core Asian business.
The U.S. retreat would follow a sweeping restructuring earlier this year that called for 35,000 cuts -- at least the fourth strategic reboot since the financial crisis spawned in 2008. A complete exit from the U.S. is unlikely,
