The London-based banking company, HSBC, announced its plan to exit the retail broking business in India leading to a cut of around 300 jobs. This is part of the banking corporation’s plan to scale back operations in India. The key reasons stated for this move include intense competition and low earnings potential. HSBC, Europe's biggest bank, has exited about 50 businesses globally since Chief Executive Stuart Gulliver took over at the start of 2011.
Read the Reuters news report here.