HSBC To Exit U.S. Retail Market (Citizens To Take Over Some Physical Branches)

Update 6/2/21: Citizens Financial Group will acquire 80 branches on the east coast (66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida).

Update 5/27/21: HSBC has today announced that another 90 branches will be closed. Some branches (20-25) will be kept and will transition to international wealth centres.

Original post: HSBC has announced that it will be exiting the U.S. retail market as part of its pivot/move to Asia. HSBC closed 80 branches last year and is expected to close/sell the remaining 150 branches as well. This likely just means that HSBC will no longer be a ‘full service bank’, but it doesn’t appear this will affect HSBC’s online offerings or credit card business.

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slut
slut

would not recommend touching any of HSBCs bonuses before this, and especially not after

Creditian
Creditian

Citizens mobile app is even worse than HSBC.

The only connection between these 2 banks is UK.
Citizens was owned by RBS and still keeps that UGLY logo.
HSBC was established by British for opium trading between Hong Kong and Shanghai.
.

Guy who buys stuff
Guy who buys stuff

I’d like to think that “Citizens To Take Over Some Physical Branches” means I’m about to own a bank.

Vaiva
Vaiva

Dibs on all the NYC metro locations.

Sam
Sam

Too bad can’t hit them for one more churn, still within their last opening

g
g

The specific branches Cathay Bank is acquiring are referenced in this article (7 in the SF Bay Area, 3 in the LA Area):
https://www.bizjournals.com/sanfrancisco/news/2021/05/27/cathay-bank-gets-big-boost-in-bay-area-by-purchasi.html

Seems to enable Cathay Bank to expand up the peninsula and into SF. I’m sure there will be further closures due to overlaps in Fremont & Milipitas

Fred
Fred

Does Citizens allow existing customers outside of their footprint to sign up for new accounts?

Sheri L Richters
Sheri L Richters

Citizens Access is a subsidiary of Citizens that allows customers to open an account outside of the original footprint
.

kc-guy
kc-guy

HSBC should have been forced to “leave the market” when they were found to be aiding money laundering for the cartels and embargoed nations like Iran and Sudan in 2012.

>> The Department of Justice and U.S. Treasury said Tuesday that HSBC allowed the most notorious international drug cartels to launder billions of dollars across borders. In addition, the government said HSBC violated U.S. sanctions for years by illegally conducting transactions on behalf of customers in Iran, Libya, Cuba, Sudan and Burma.

>> https://money.cnn.com/2012/12/10/news/companies/hsbc-money-laundering/index.html

Anonymoud
Anonymoud

As opposed to major banks like Chase that have ALSO been found to help money laundering in almost the exact same way?

H.P.
H.P.

Opened HSBC Advance Checking on 2/2/21 and made ACH pushes from Discover Saving in March, April, May. Got $200 bonus on 5/27/21. Got email on 5/28/21 from HSBC that my account will be “transitioned to another financial institution in the coming months”. Time to pull out my money and close the account.

Himanshu
Himanshu

P2 got the same email, but opened acct only a couple months ago (no bonus yet) now I’m wondering if it’d be a good idea to pull the money out& close the acct or wait to see if the bonus posts

H.P.
H.P.

With no bonus yet, I’d leave the account alone. There’s a chance the new institution won’t honor the bonus, but if you pull the money and close the account now you definitely won’t get the bonus.

DD
DD

Fare-thee-well.

Ken
Ken

The only good thing about HSBC banking is no wire fees for Premier Checking. I haven’t found any other banks that offer that (without a large minimum balance requirement.)

Anonymous
Anonymous

Fidelity has no wire fees.

Kapil
Kapil

PNC select also has no wire fees