HSBC to wind down wealth management in Monaco
HSBC used to have presence in 150 countries. Now this number has been reduced to 50. The Bank is going to remain in London, New York, Singapore, Hong Kong and Geneva. What explains HSBC’s closing in other countries is the ongoing fight against tax evasion that boils down to innumerable scandals and penalties inside the US, as well as change in global market conditions within the banking sector.