HSBC abandons retail banking operation in Japan
A massive restructuring by the world’s second largest bank continues to surprise with its depth.
HSBC Holdings plc said it will write finis to its retail banking services in Japan. The formal announcement comes after it agreed last year to sell its Japanese business targeting affluent individuals to Credit Suisse Group AG.
The bank said it will gradually phase out services for existing retail clients because of its contractual obligations and help clients move to other financial institutions.
HSBC, however, said its corporate banking services in Japan will continue.
"(Japan) is an important market for HSBC . . . We will invest to build our already successful Global Banking and Markets and Global Asset Management businesses here, helping companies to connect across our network," said Kaber Mclean, HSBC's President and Chief Executive Officer for Japan.
HSBC’s ongoing restructuring of its global services involves reducing small or inefficient operations. It also could involve up to 30,000 job cuts but will include an effort to attract more wealthy customers.
HSBC said last year that it withdraw over the next few years from "quite a few" of the 60 or so countries in which in which it has retail operations.
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