HSBC said will close down private banking unit

HSBC will close down its private banking business in India and transfer about 70 staff following a strategic review of the operations, people familiar with the matter said.

Bloomberg News reports that the lender will move employees from the Indian private banking arm to the Premier banking business under HSBC’s retail bank, the people said, asking not to be identified as the information is private.

HSBC confirmed in an e-mailed statement it decided to shut the global private banking operations in India and will offer clients the choice to move to its Premier business where appropriate.

Chief Executive Officer Stuart Gulliver, 56, unveiled a three-year plan in June to pare back HSBC’s sprawling global network, shut money-losing businesses and eliminate as many as 25,000 jobs after compliance costs surged. 

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HSBC Said to Close Down Private Banking Operations in India

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