HSBC exits US retail banking (2021)
HSBC, the London-based giant, agreed in May 2021 to sell its 148-branch US retail network to Citizens Financial Group, retreating from American consumer banking after years of struggling to compete. It kept its wealth and international business units.
Citizens took over the branches in 2022; HSBC exited US consumer lending.
The sale became a template for foreign banks questioning whether US retail operations are worth the cost and compliance burden.
Like RBC with City National, HSBC found its US consumer arm expensive to run and hard to scale. If RBC reaches the same conclusion, City National could face a similar fate.
