HSBC to shutter U.S. operations, raise $17.7 billion Profit drops 70% after goodwill charge; 6,100 jobs will be lost

Banking giant HSBC Holdings said Monday that it will shutter much of its U.S. consumer lending business and raise 12.5 billion pounds ($17.7 billion) from shareholders after reporting a 70% drop in profit for 2008
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The bank said it will shut down the branch network of its HSBC Finance arm in the U.S. leaving only the credit card business to continue operating. The closures will result in 6,100 job losses.

Net profit for 2008 dropped 70% to $5.73 billion from $19.13 billion.