HSBC Holdings PLC will exit the U.S. credit card business whether it finds a buyer for its $33 billion card portfolio here or not.
The London-based banking conglomerate said last month that it was considering selling off its card operations here because the business does not mesh with its focus of serving wealthy individuals and internationally minded commercial customers. On Monday, Reuters reported that HSBC Chief Executive Officer Stuart Gulliver told reporters at a World Economic Forum conference in Jakarta that if it cannot find a buyer, HSBC intends to put the card business "into rundown."
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