HSBC’s Swiss bank said to exit 1,000 mideast clients amid revamp

HSBC's Swiss private bank is cutting ties with wealthy Middle Eastern clients. Over 1,000 clients from Saudi Arabia, Lebanon, Qatar, and Egypt are affected. The bank aims to reduce exposure to high-risk individuals. This decision follows scrutiny from Swiss regulator Finma. The regulator found inadequate due diligence on high-risk accounts. HSBC is creating a team to manage the closures.