HSBC Bank Exits US Retail Banking Amid Financial Losses

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

Young people walk past an HSBC bank in midtown Manhattan, New York, on Aug. 1. The banking giant is looking to shed retail bank branches in New York to focus more on investment and corporate banking. Jaya Gibson/The Epoch Times

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.