And it will exit operations in 20 countries as it looks to save billions of dollars.
According to a BBC report, the announcement came as the bank reported pre-tax profits for the first six months of the year of $11.5bn (£7bn), up 3% on the $11.1bn the bank made a year earlier.
HSBC’s investment banking profits fell in the first half of 2011, according to the report.
View the full report here.
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