HSBC is planning to shut down its struggling retail brokerage and depository business in the country, five years after it entered the segment by pumping in over USD 290 million, reported PTI.
Nearly 300 employees of the company stand to lose their jobs due to the decision, according to media reports.
"We are discontinuing its retail broking and retail depository services business here, operated under HSBC InvestDirect Securities," HSBC India said in a statement.
"Impacted employees will be offered a fair and equitable severance pay in line with HSBC policy, and career transition services will be extended through a professional agency," the statement said.
Following the winding down decision, the bank said there will no new client additions with immediate effect, while existing clients will be informed of a date of discontinuation and will continue to offer the services till the shutdown, said PTI report.
Dion Global Solutions Ltd.