HSBC Tells U.S. Private Bank Clients Banking Must Be Onshore

The private banking unit of HSBC Holdings Plc, Europe’s biggest bank, told U.S. clients they can no longer hold accounts offshore and that they will be managed onshore in future.

“After a review of services that can be provided to U.S. clients from locations outside of the U.S., we believe that U.S. clients will be better served by our private banking teams,” the London-based lender said in an e-mailed statement today.