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.

“Following a strategic review of our business, we have decided to exit our business-banking portfolio in the United States,” a spokesperson said in an emailed statement. The division has about 4,400 clients and serves firms with revenue of as much as $50 million.