“They are good businesses, but we lacked the scale to compete,” said HSBCs CEO Noel Quinn said in a statement. The bank expects the sale of its U.S. retail banking business to close by early 2022.
Is HSBC Bank leaving the US?
HSBC Holdings plc (HSBC) today announces that it will exit its US domestic mass market retail banking business through several transactions, pending regulatory approval. They include: Exiting 90 branches out of a current branch network of 148 branches.
Is HSBC USA a good bank?
Overall bank rating 30, 2021: HSBC is exiting the U.S. market for personal and retail business banking. The brick-and-mortar division of HSBC has low-rate accounts with fees that require some customer effort to waive, while HSBC Direct offers no-fee checking and high-yield savings accounts that must be opened online.