HSBC opens in Apple's hometown, promises 50 new U.S. branches

(Reuters) - The U.S.

Reuters June 18, 2019 00:11:21 IST
HSBC opens in Apple's hometown, promises 50 new U.S. branches

HSBC opens in Apples hometown promises 50 new US branches

(Reuters) - The U.S. arm of HSBC Holdings Plc announced plans to expand its branch network by around a quarter on Monday as it opened a new location in Apple Inc's home town of Cupertino, California.

The news from Europe's biggest lender by assets comes as it plots a broader strategic shift to try and improve performance in the United States at a time when many lenders globally are retrenching.

HSBC, which makes more than 80% of its profit in Asia, last month revealed plans to boost its Asia retail wealth management staff by about 300 by end of this year.

HSBC Bank USA said it would also hire more than 300 employees as part of the expansion of its national retail branch network that would add up to 50 branches in new and existing markets.

The company's web page says it currently more than 220 U.S. locations, spread across 10 states on the East and West Coasts.

"HSBC is optimising its existing network to right-size and grow its business as well as expand its footprint into new and existing markets that provide attractive opportunities to grow its customer base," the London-based bank said.

(Reporting by Sangameswaran S in Bengaluru; editing by Patrick Graham)

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