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News that banking giant HSBC Holdings PLC (LON:HSBA) is finally throwing in the towel and exiting the US retail banking market after 40 years of struggle has been welcomed by City analysts, many of whom have the view that the shift could help push some of the bank’s business into profitability. In a note on Thursday, analysts at Citi said they believed the exit from retail could help turn HSBC’s US wealth and personal banking (WPB) business “from loss making to being profitable”, mostly by getting rid of the costs associated with its current network of 148 US bank branches.
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