HSBC Bank Exits US Retail Banking Amid Financial Losses

New York customers are told to empty their safe-deposit boxes

A customer uses an ATM machine outside a branch of HSBC bank in central London, on Feb. 14, 2023. Justin Tallis/AFP via Getty Images

HSBC is in the process of retreating from the American retail banking market. Meanwhile, customers in New York have already been notified to clean out their safe-deposit boxes.

HSBC Holdings is a British multinational investment bank and financial services holding company. It’s the largest bank in Europe and headquartered in London.