HSBC will wind down some of its investment banking operations in Europe, the UK and the Americas as part of Chief Executive Officer Georges Elhedery’s ongoing restructuring.
Europe’s largest banking group is set to withdraw from providing equity capital markets and advisory services outside of its core operations in Asia and the Middle East over the coming months, according to a memo seen by Bloomberg News.
The lender told its staff that it would begin speaking to clients over the coming days about the closing of its investment banking businesses in the West and that it would complete any live deals and mandates, according to the memo.
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“We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East, and we will look to wind-down those activities in Europe, the UK and the Americas,” the company said in the memo.
A spokeswoman for HSBC declined to comment beyond the contents of the memo.
HSBC has already combined its global banking and commercial banking arms outside of Hong Kong and the UK as part of Elhedery’s revamp of the London-headquartered financial group.