(Updates with HSBC's confirmation throughout.)
HSBC (HSBC) is shutting down its business banking portfolio in the US, a company spokesperson confirmed to MT Newswires in an email Friday.
"This decision is in line with our broader efforts to simplify operations and focus on HSBC's key strengths and areas where we hold a competitive advantage," the spokesperson said.
The British lender is "supporting impacted clients" and will retain some customers in its mid-market and global network banking business, the spokesperson said.
The bank laid off 40 employees and informed around 4,400 clients, mostly domestic companies with annual revenue of up to $50 million, The Wall Street Journal reported Friday, citing a company spokesperson.
Price: 59.55, Change: +0.30, Percent Change: +0.50
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.