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UK banking giant HSBC is now focusing on fast-growing emerging markets and plans to sell about half of its US Retail Bank Branches (195) to First Niagara for about one billion dollars. The branches up for sale are mainly in New York and six are in Connecticut.
HSBC lost billions in the financial crisis of 2008; however HSBC reported a 3 percent increase in pretax profits for the first half of 2011. The increase exceeded forecasted expectations.
HSBC is shifting their focus by expanding in emerging markets and reducing headcount in tougher markets. A company official failed to give details on specifically where the 30,000 job cuts would be made.
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