HSBC, one of the largest financial firms in the world, said over the weekend that it has sold nearly 200 bank branches in the U.S. and it laying off a total of 30,000 workers by the end of next year.
The bank said that it is withdrawing from certain markets to focus on consumer finance expansion in high-growth countries like Brazil, Turkey, and Singapore. The bank has already moved to shut down its consumer retail banking operations in Russia and Poland.
HSBC announced that it sold 195 branches, mostly in upstate New York, to First Niagara Financial Group Inc. for $1 billion in cash.
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