HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters on Monday, as Europe's biggest bank seeks to dispose of a business that has long underperformed.
The exit from the U.S. consumer business seeks to cut costs, boost fee income and continue the lender's shift towards Asia.
HSBC is to close 82 branches in the UK between April and September this year, claiming customers are turning to digital banking.
The company will have 511 branches across the country following the closure program.
Managers said they did not expect to make any redundancies, with staff moved to nearby branches instead.
Coronavirus and changing customer habits have altered the way we bank, but there are concerns over closures.
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