HSBC Exits Business Serving Smaller US Firms in Latest Revamp

HSBC Exits Business Serving Smaller US Firms in Latest Revamp

HSBC Holdings Plc is exiting a business that serves small and midsize US companies, as it continues an overhaul aimed at making the lender more competitive.

HSBC to close its US business banking unit to simplify operations

HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets.

Emily Turner Starts Role as CEO of HSBC Innovation Banking UK

Emily Turner will officially become CEO of HSBC Innovation Banking UK from 1 June, after receiving regulatory approval. Emily joined HSBC Innovation Banking UK in February 2025 as incoming CEO and has spent the past few months getting to know the business, meeting clients, and engaging with colleagues. Interim CEO, Simon Bumfrey, will resume his role as Head of Banking at HSBC Innovation Banking UK.

HSBC to Wind Down Business Banking Unit in US

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 provid…

HSBC trader joins Societe Generale

Incoming individual has left HSBC after serving almost 14 years at the firm.