HSBC is in the process of retreating from the American retail banking market. Meanwhile, customers in New York have already been notified to clean out their safe-deposit boxes. HSBC Holdings is a British multinational investment bank and financial services holding company. It’s the largest bank in Europe and headquartered in London. According to a May 27 Reuters report, HSBC will sell or close about 150 commercial bank branches in the United States, exit most of its retail banking operations catered to individuals and small businesses, and maintain only a small physical presence in the United States to serve a small number of wealthy clients. The report also said that HSBC’s U.S. wealth and personal banking business incurred a loss of $547 million in 2020 compared to a $5 billion profit in Asia, primarily from Hong Kong—its most profitable market. Citizens Bank, a unit of Citizens Financial Group, has agreed to buy HSBC’s …