For some time, HSBC has been focusing more of its business on regions such as Asia-Pacific and has offloaded operations in North America.

HSBC is closing its business banking operations in the US, focusing instead on markets such as Asia and the Middle East, various media reports said late last week.

"Following a strategic review of our business, we have decided to exit our Business Banking portfolio in the United States," HSBC was quoted by Reuters as saying on Friday. "We are supporting impacted clients while they transition to a suitable alternative provider and will retain some clients in our Mid-Market and Global Network Banking business," it added.

This publication has contacted HSBC for further comment and may update in due course.

The unit served small and medium-sized businesses in the US. The Wall Street Journal has reported that the UK/Hong Kong-listed lender has laid off 40 employees and informed its 4,400 clients. There appears to be no effect on HSBC’s private banking or wealth management business.

For some time, HSBC has been refocusing its business away from North America. It sold its US retail banking business in 2021; it offloaded its Canadian business the following year to RBC.

The changes to HSBC's business operations have continued under CEO Georges Elhedery, who took up the post last year. Last October, the lender said it was restructuring into four business lines.

In its first-quarter 2025 financial results, announced in April, HSBC said pre-tax profit fell year-on-year by $3.2 billion to $9.5 billion, mainly due to the non-recurrence of money made a year ago by HSBC’s sale of its Canadian and Argentinian business groups.