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HSBC Holdings PLC To Exit India Retail Broking; 300 Jobs To Be Cut-Reuters

Thursday, 17 Oct 2013 08:12am EDT 

Reuters reported that HSBC Holdings PLC said on October 17, 2013 it will exit its retail broking business in India. About 300 jobs will be cut as a result, a spokesman said. A source involved in the process said the bank decided to exit the business due to stiff competition in retail broking and low earnings potential. HSBC will cease opening new retail broking accounts with immediate effect, the bank said in a statement. 

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