NEW YORK (TheStreet) -- HSBC (HSBC) - Get Report stock is gaining by 0.25% to $40.26 in early-morning trading on Friday as it prepares to shut down its private banking unit in India by the fiscal 2016 first quarter.
About 70 staff members will be transferred to the company's retail unit from its banking business, MarketWatch reports.
"After a strategic review of the global private banking operations in India, we have decided to close the business," a spokesman told Reuters. "This marks further progress in the HSBC group strategy to simplify business and deliver sustainable growth."
HSBC is attempting to lower its costs amid tougher regulations and capital requirements, as well as the economic slowdown affecting Asian markets, MarketWatch adds.
The company plans to reduce its workforce by 50,000 during the next two years.
HSBC is a global banking and financial services company based in London.
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