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HSBC to Wind Down Business Banking Unit in US
- HSBC is winding down its business banking unit in the U.S. to focus on other markets.
- The bank laid off 40 employees and informed 4,400 clients of the unit's closure.
- HSBC has been exiting some international markets to concentrate on Hong Kong, the U.K., and Asia.
- Earlier this year, HSBC stopped advising companies on deals in the U.S. and Europe, sold its U.S. retail banking business, and Canadian operations.
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