Latest news with #HSBC
Business Insider
15 hours ago
- Business
- Business Insider
HSBC downgrades Soitec SA (0RMT) to a Hold
In a report released today, from HSBC downgraded Soitec SA (0RMT – Research Report) to a Hold, with a price target of €51.00. The company's shares closed yesterday at €47.53. Confident Investing Starts Here: In addition to HSBC, Soitec SA also received a Hold from J.P. Morgan's Sandeep Deshpande in a report issued today. However, yesterday, Deutsche Bank maintained a Buy rating on Soitec SA (LSE: 0RMT).
The Sun
18 hours ago
- Business
- The Sun
HSBC to close its US business banking unit to simplify operations
HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets. 'Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States,' it said in a statement. 'We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business,' it added. The Wall Street Journal reported on Friday that HSBC's move would affect about 4,500 clients. The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East markets. The bank said in January it would wind down M&A and some equities businesses in the Americas and Europe. The Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment, In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others. It sold its Canadian business to Royal Bank of Canada in 2022 for C$13.5 billion.
The Sun
18 hours ago
- Business
- The Sun
HSBC exits US business banking to refocus on Asia
HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets. 'Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States,' it said in a statement. 'We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business,' it added. The Wall Street Journal reported on Friday that HSBC's move would affect about 4,500 clients. The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East markets. The bank said in January it would wind down M&A and some equities businesses in the Americas and Europe. The Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment, In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others. It sold its Canadian business to Royal Bank of Canada in 2022 for C$13.5 billion.
Yahoo
21 hours ago
- Business
- Yahoo
HSBC to close its US business banking unit to simplify operations
By Jaiveer Shekhawat and Saeed Azhar (Reuters) -HSBC is exiting its business banking portfolio in the United States, as it continued to simplify operations and shift its focus to Asia and Middle East markets. "Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States," it said in a statement. "We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business," it added. The Wall Street Journal reported on Friday that HSBC's move would affect about 4,500 clients. The UK-headquartered lender has been reducing its global footprint in an attempt to boost profits and expand in Asia and Middle East markets. The bank said in January it would wind down M&A and some equities businesses in the Americas and Europe. The Wall Street Journal said HSBC laid off 40 employees in the U.S. business banking division. HSBC declined to comment, In 2021, the bank said it was withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others. It sold its Canadian business to Royal Bank of Canada in 2022 for C$13.5 billion. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
a day ago
- Business
- Bloomberg
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.
