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The private banking arm of HSBC will stop offering services to U.S. residents outside the United States as a crackdown on offshore tax evasion makes the regulatory burden of banking around the world increasingly onerous

"After a review of services that can be provided to U.S. clients from locations outside of the U.S., we believe that U.S. clients will be better served by our private banking teams in the United States," the bank said in a statement on Wednesday.