HSBC exiting US retail banking to focus on wealth management

British banking giant HSBC says it is closing its U.S. retail banking business in order to refocus its efforts on wealth management.

The bank will sell 80 East Coast branches to Citizens Bank and another 10 on the West Coast to Cathay Bank. All deposits and bank accounts will be transferred to those two banks, HSBC said. Another 20 to 25 branches will be converted into wealth management centers, and any remaining branches will be closed.

London-based HSBC is one

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