* HSBC to sell or close U.S. branch network -source
* CEO Quinn reshuffles top jobs
* Bank to announce latest strategy on Tuesday
(Recasts, adds detail)
By Lawrence White
LONDON, Feb 22 (Reuters) - HSBC is set to withdraw
from U.S. retail banking, a source familiar with the matter told
Reuters on Monday, as Europe's biggest bank seeks to dispose of
a business that has long underperformed.
The exit from the U.S. consumer business will form part of
the lender's strategy update due on Tuesday, as Chief Executive
Noel Quinn seeks to cut costs, boost fee income and continue the
lender's shift towards Asia.
The sale or closure of its around 150 remaining branches in
the United States, after it shuttered 80 last year, would mark
the end of HSBC's struggle to turn around a business which has
struggled to make inroads against incumbent domestic rivals.
Ahead of the strategy update Quinn on Monday reshuffled
several of his senior lieutenants.
HSBC appointed Nuno Matos as chief executive of its wealth
and personal banking business, while chief compliance officer
Colin Bell became head of HSBC's European business.
Michael Roberts was appointed CEO for the United States and
Americas, while Stephen Moss will move to Dubai as head of the
Middle East, North Africa and Turkey business, the bank said.
In moving Moss to Dubai HSBC said it is expanding its
strategic ambitions in the Middle East, suggesting the region
will be a big part of the new strategy alongside an existing
plan to 'pivot' more to Asia.
The bank also said it is expanding the remit of Chief
Financial Officer Ewen Stevenson, who will now also run the
bank's transformation programme and its mergers and acquisitions
plans.
HSBC on Tuesday is set to report an expected plunge in
annual profits reflecting the impact of the COVID-19 pandemic.
(Reporting by Lawrence White, editing by Iain Withers and Jason
Neely)