HSBC Sells 195 Bank Branches; Laying Off 30,000; Looking for Credit Card Buyer

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.

The job cuts will be targeted at the labor force in the U.S., U.K., France, Latin America, and the Middle East. HSBC hopes to save $3.5 billion by the end of 2013.

The company is also seeking a suitor for its $30 billion U.S. credit card portfolio. Capital One and Wells Fargo are believed to have already made bids, while Barclays has emerged as another possible match.