HSBC said on Wednesday it is pulling out of private banking in Japan, the latest in a series of moves by major banks to streamline operations as they try to cope with volatile markets, profit-hurting economic jitters and regulatory pressure to conserve capital.

HSBC said in a statement it agreed to sell its Japanese private banking business to Credit Suisse, in line with a global business restructuring it announced earlier this year that will see it cut 30,000 jobs as it pares back small or inefficient operations.