Given HSBC’s history of bad bets, the fact that they’re going to up the investments on the west coast speaks to an overvalued market. This is The kiss of death. Be prepared for dot.com bubble 2.0 to implode soon
In its long-struggling U.S. arm, Mr. Quinn said HSBC would cut assets in investment banking and markets by almost half, and shut around 70 of its 229 branches. The retail bank will target “internationally affluent” individuals across the country, Mr. Quinn said.
“It will require a larger reduction in our branch network on the East Coast,” Mr. Quinn said. “We are going to be opening up more branches in the international markets that are relevant to HSBC, principally on the West Coast of America.”