KEY POINTS
  • HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters.
  • Europe's biggest bank is seeking to dispose of a business that has long underperformed.
  • The bank also reshuffled several of his senior executives. HSBC appointed Nuno Matos as CEO of its wealth and personal banking business
  • Chief compliance officer Colin Bell became head of HSBC's European business.
  • Michael Roberts was appointed CEO for the United States and Americas, while Stephen Moss will move to Dubai as head of the Middle East, North Africa and Turkey business, the bank said.
A woman wearing a protective face mask walks past a logo of HSBC bank.

HSBC is set to withdraw from U.S. retail banking, a source familiar with the matter told Reuters on Monday, as Europe's biggest bank seeks to dispose of a business that has long underperformed.

The exit from the U.S. consumer business will form part of the lender's strategy update due on Tuesday, as Chief Executive Noel Quinn seeks to cut costs, boost fee income and continue the lender's shift towards Asia.