Originally Posted by
JHake10
I was in the San Bruno branch a few weeks ago and one of the staff members mentioned since San Bruno is new HSBC has a 10 year lease and they may keep that location. However, they are still finalizing everything.
Originally Posted by
garykung
Branches that can't be close can still be sold to Cathay. Beside - IIRC, HSBC's approach would be either San Bruno or Millbrae. So it is entirely up to HSBC.
I read that HSBC currently has 148 branches in the US and that they will sell 90 of them. They also plan to close another 35-40 branches, leaving between 18-23 branches in the US.
If that's true, I don't see more than a few branches remaining in the Bay Area. My guess is one in SF financial district, maybe one on the Peninsula, and one in the South Bay.
According to my PRM, the plan is to beef up their online platform (which is sorely needed) to take on most of the banking transactions and transform the branches away from traditional bank branches into wealth centers focused on investments rather than day-to-day banking activities.