HSBC sells Japanese private bank to Credit Suisse

Global banking giant HSBC is to offload its private banking business in Japan to Credit Suisse for an undisclosed sum.

Global banking giant HSBC is to offload its private banking business in Japan to Credit Suisse for an undisclosed sum.

HSBC said that this deal is in line with its global restructuring strategy outlined back in May that will see 30,000 jobs go. The "Strategy Execution Plan" targeted cost savings of $2.5-3.5bn in order to reach the cost efficiency ratio target of 48-52% by 2013.

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