HSBC to exit US retail banking, focus on Asia

HSBC unveiled in February a revised strategy focused mainly on wealth management in Asia.

HONG KONG: HSBC announced it is withdrawing from U.S. mass market retail banking by selling some parts of its business and winding down others, in a long awaited move as the lender pushes ahead with a shift in focus to Asia, its biggest market.

Europe's biggest bank has for years been trying to shrink its presence in some European and North American markets where it has struggled against competition from larger domestic players.