Wednesday's Headlines: Analysts call for HSBC to ditch it's U.S. retail operations

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In what a Telegraph article calls "radical research" from Barclays Capital, HSBC should consider dumping its North American banking operations to raise $25 billion.

The article states: "large parts of HSBC's US division showed 'little evidence of competitive advantage or connectivity to the rest of the group' and, as a result, are "hard to justify". The analysts expect the bank's 'North America business to be one of the key areas of change' unveiled when HSBC publishes its highly anticipated strategic review on May 11."

Other news:

Budget constraints mean the SEC has been unable to fill 200 positions this year; five recent openings for experts in complex trading received 1,000 applicants yet the agency could afford to hire just one person. [NY Times]

Standard Chartered lost 800 headcount in the first three months of the year in a sign of the competition the Asia-focused bank faces to retain staff. [Telegraph]

Federal prosecutors say Deutsche "repeatedly lied" in an effort to participate in a FHA program. [<ahref=https://nyti.ms/mDYHGQ target=DealBook]

KKR's Q1 earnings were up 10% on good conditions for private equity firms. [DealBook]

Grant Thorton expects 700 new private equity firms to hit the market this year. [PEHub]

Moody's downgraded BofA's mortgage-servicing ratings in the face of the bank's struggles to integrate Countrywide. [WSJ]

Banks in emerging markets report strong and growing demand for consumer and business loans -- a sharp contrast to developed countries. [WSJ]

Deloitte study predicts that investments controlled by the richest families will more than double by 2020, with the majority of assets still in the U.S. and Europe. [Reuters]

As Wall Street fears having to cede its swaps trade to banks such as Deutsche Bank and Barclays Capital, Europe is urged to find a similar strategy. [Financial Times]

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