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HSBC to Wind Down Business Banking Unit in US
PYMNTS.com·2025-05-31 02:37

HSBC is reportedly winding down its business banking unit in the U.S. as it sharpens its focus on other markets.As it disbands the business banking unit, which served small and medium-sized businesses (SMBs) in the U.S., the bank laid off 40 employees earlier this week and notified the unit’s 4,400 clients, The Wall Street Journal (WSJ) reported Friday (May 30).“We are supporting … clients while they transition to a suitable alternative provider,” an HSBC spokeswomantold the WSJ.HSBC has been withdrawing fr ...