HSBC will shut key parts of its investment banking business in the UK, Europe and the Americas as part of chief executive Georges Elhedery’s plan to overhaul its operations.
Europe’s biggest lender will close its mergers and acquisitions advisory and its equity capital markets businesses outside Asia and the Middle East, the bank said in a memo on Tuesday.
The units “really don’t have scale”, said a person with knowledge of the decision. “It was just a very tough job to build up to a level where [HSBC] has a competitive edge.” Continuing to try to “break in” to those markets would not be the best use of the bank’s resources, they said.
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