HSBC to Shut Private Banking Business in India
November 27 2015 - 6:24AM
Dow Jones News
By Gabriele Parussini
MUMBAI--HSBC Holdings Plc is shutting down its private banking
business in India, as part of efforts to slim down its global
operations.
HSBC India will move the 70-odd staff who work at its private
banking business to its retail arm, a spokesman for the bank in
Mumbai said Friday.
HSBC, like many other large global banks, is reducing costs as
it faces more stringent regulation and tougher capital
requirements. Europe's largest bank by assets is also trying to
weather a slowdown in key Asian markets.
It has promised to shed assets, slash up to 50,000 jobs in the
next two years and cut costs to boost returns.
Write to Gabriele Parussini at gabriele.parussini@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 27, 2015 06:09 ET (11:09 GMT)
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