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HSBC to Close Half of India Branches

HSBC to Close Half of India Branches

HSBC Holdings plans to close down half of its branches in India and rely more on digital banking to expand the consumer business. Chief Executive Officer Stuart Gulliver is shutting money-losing businesses to improve earnings hurt by compliance costs. Since 2011, the bank has slashed more than 87,000 positions, exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88.

“Since 2011, the bank has slashed more than 87,000 positions, exited at least 80 businesses and reduced its footprint to about 71 countries and territories from 88.”

~ Bloomberg

HSBC however said it remains committed to India, where it is also shutting its global private-banking operations. The country was the fourth-biggest contributor to group earnings before tax in 2015

Related Reports: Bloomberg, International Business Times

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories

Visit: HSBC




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