Financial Times: HSBC to exit the U.S. consumer finance market to China, Star, India

HSBC is expected to announce its exit from the U.S. consumer finance market when it reports its 2020 earnings on Tuesday, the Financial Times reported, citing unnamed sources, concluding that the troubled unit is beyond turnaround.

HSBC’s exit from 150 branches in the U.S. represents the end of a 40-year effort to operate a full-service bank in the country, according to the report.

HSBC plans to expand in China and other fast-growing markets, including Singapore and India. HSBC is arranging an acquisition in Singapore, but will not announce the news Tuesday.