10:29 AM EDT, 06/02/2025 (MT Newswires) -- (Updates with HSBC's ( HSBC ) confirmation throughout.)

HSBC ( HSBC ) is shutting down its business banking portfolio in the US, a company spokesperson confirmed to MT Newswires in an email Friday.

"This decision is in line with our broader efforts to simplify operations and focus on HSBC's ( HSBC ) key strengths and areas where we hold a competitive advantage," the spokesperson said.

The British lender is "supporting impacted clients" and will retain some customers in its mid-market and global network banking business, the spokesperson said.

The bank laid off 40 employees and informed around 4,400 clients, mostly domestic companies with annual revenue of up to $50 million, The Wall Street Journal reported Friday, citing a company spokesperson.

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