SÃO PAULO — British banking giant HSBC announced Tuesday that it will close its retail banking operations in Brazil, as part of a global overhaul of its workforce that could cut up to 50,000 jobs worldwide.
Currently the sixth largest high street bank in Brazil, HSBC employs 21,479 people in the South American country, according to the Folha de S.Paulo newspaper, with 853 branches focusing operations on higher earners.
HSBC plans to sell off its branches and end retail operations by the end of 2016, but will retain a “modest” operation in Brazil to service its largest corporate clients’ international needs.
Ben Tavener 