HSBC explores options for loss-making US arm as profits dip 34%

Last year, HSBC’s US arm made a pre-tax loss of half a billion. Closing the loss-making arm would cut costs considerably for the bank. But it still claims that North America-based accounts make up 11% of its overall customer account value. HSBC currently operates some 150 branches in the US, after shutting 80 of its stateside branches last year. Its US head of innovation, Jeremy Balkin, left earlier this month after six years at the bank.
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