Morning Scan: HSBC Sells Brazil Unit; Former Mt. Gox CEO Arrested

Receiving Wide Coverage ...

'World's Local Bank' No More: HSBC has agreed to sell its Brazilian unit to Banco Bradesco for $5.2 billion as the bank seeks to scale down and concentrate on its Asian operations. The bank pledged in June to cut 50,000 jobs and retreat from low-performing business lines, with the goal of reducing annual costs by up to $5 billion by the end of 2017. The papers note the bank's retrenchment is a...