MUMBAI: British financial giant HSBC on Thursday said it will be shutting its struggling retail brokerage and depository business in the country, five years after it entered the segment by pumping in over $290 million.

Nearly 300 employees of the company stand to lose their jobs due to the decision, according to sources.

“We are discontinuing its retail broking and retail depository services business here, operated under HSBC InvestDirect Securities,” HSBC India said in a statement.