HSBC Swiss Private Bank Exits Over 1,000 Middle East Clients Amid Revamp

HSBC's Swiss private bank is exiting relationships with over 1,000 wealthy Middle Eastern clients, including those with assets over $100 million, as part of a revamp to lower exposure to high-risk individuals. The bank is expected to complete the closures within six months, and clients will be advised to consider transferring to other jurisdictions. The move comes amid ongoing scrutiny from Swiss banking watchdog Finma and a shift in focus for HSBC's Swiss Private Bank.