HSBC Holdings Plc is considering pulling out of retail banking completely in the U.S. in an effort to improve its overall performance. The bank, which has struggled to keep pace with other major U.S. financial institutions, has plans to reduce annual costs to below $31 billion by 2022, according to a report from Fox Business.

In the coming weeks, the bank's senior management will release an operations plan that will outline how it will transform its U.S. business.

ATM Marketplace contacted HSBC for comment on this story but as of press time, they have not yet responded.

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