Published August 11, 2011
HSBC leans up for emerging market growth with $33b sale of US division
With 30,000 job cuts across the board and the sale of a big US business, HSBC begins global repositioning with a stronger focus on regions with better growth potential.
Amidst financial turmoil triggered by a US credit rating downgrade, HSBC is continuing its gradual exit from activities in the US with the sale of its monoline credit card and private-label credit card businesses to Virginia-based Capital One Financial Corporation for $32.7 billion. The deal ends it...