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HSBC to Announce Exit from US Retail Banking, Reshuffles Top Jobs

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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.

The sale or closure of its around 150 remaining branches in the United States, after it shuttered 80 last year, would mark the end of HSBC’s struggle to turn around a business which has struggled to make inroads against incumbent domestic rivals.

Ahead of the strategy update Quinn on Monday reshuffled several of his senior lieutenants.

HSBC appointed Nuno Matos as chief executive of its wealth and personal banking business, while 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.

In moving Moss to Dubai HSBC said it is expanding its strategic ambitions in the Middle East, suggesting the region will be a big part of the new strategy alongside an existing plan to ’pivot’ more to Asia.

The bank also said it is expanding the remit of Chief Financial Officer Ewen Stevenson, who will now also run the bank’s transformation programme and its mergers and acquisitions plans.

HSBC on Tuesday is set to report an expected plunge in annual profits reflecting the impact of the COVID-19 pandemic.



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Moody’s Projects 13.7% Growth in FY’22, Expects 7% Contraction This Fiscal

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Moody’s on Thursday upped India’s growth projection for the next financial year beginning April 1, to 13.7 per cent, from 10.8 per cent estimated earlier, on the back of normalisation of activity and growing confidence in the market with the rollout of COVID-19 vaccine. For current fiscal, the US-based rating agency expects the economy to contract 7 per cent, lower than its previous estimate of 10.6 per cent contraction.

Moody’s Investors Service Associate Managing Director (Sovereign Risk) Gene Fang said “our current expectation is that in the current fiscal ending March 2021, the economy would contract 7 per cent… We expect a rebound of 13.7 per cent growth in the next fiscal on normalisation of activity and base effects.”

The very large rebound incorporates the view that recovery in activity will continue, with the rollout of vaccines and growing confidence in the market that activities are coming back to normal, Fang said in an online conference on India Credit Outlook 2021 organised by Moody’s and its India affiliate ICRA. ICRA Principal Economist Aditi Nayar said it expects 0.3 per cent growth in the third quarter (October-December) of current fiscal.

ICRA expects Indian economy to contract 7 per cent in current fiscal and growth to rebound to 10.5 per cent in the next fiscal beginning April 1. “Recession in India has ended,” she said, adding there could be upside to growth in FY’22 if government’s capital expenditure increases, budget announcements are implemented and vaccination drives are carried out.



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