HSBC Holdings Plc, owners of the Hong Kong and Shanghai Bank, says the bank will slash at least 25,000 jobs and close about 40 per cent of its 470 branches in the U.S. Most closures will occur in upper New York State where Niagara Financial Group will buy 195 outlets. HSBC has been criticized by some for expanding too quickly. It has shrunk business in Canada, including closing a branch some time ago at Bayview and Milwood, HSBC continues to have about 18 locations in Toronto. The bank said it will shed nearly half of its under performing U.S. branch network, selling the 195 for about $1 billion, and closing 13 others. HSBC has 95 million customers and 300,000 employees in 87 markets.
