HSBC to exit M&A, capital markets businesses in UK, Europe and U.S.

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HSBC to exit M&A, capital markets businesses in ***, Europe and U.S.

Branch of HSBC bank on 15th January 2024 in London, United Kingdom. HSBC Bank plc is a British multinational banking and financial services organisation. HSBCs international network comprises around 7,500 offices in over 80 countries globally. (photo by Mike Kemp/In Pictures via Getty Images)

Mike Kemp | In Pictures | Getty Images

HSBC is preparing to wind down its M&A and equity capital markets businesses in Europe, the U.K. and the U.S. amid a broader overhaul of its investment banking operations.

“As part of our ongoing efforts to simplify HSBC and increase leadership in our areas of strength, we are finalising a review of our Investment Banking business,” a spokesperson said Tuesday. “We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East and will begin to wind-down our M&A and equity capital markets activities in the ***, Europe, and the US, subject to local legal requirements.”

London-listed shares of HSBC were down 0.36% at 10:41 a.m. London time.

The news comes as HSBC CEO Georges Elhedery, who stepped into the leadership role last year, embarks the lender on a broader overhaul targeting cost-cutting efforts.

Back in October, the bank unveiled plans for a new geographic setup and set out to consolidate its operations into four business units, divided between an “Eastern markets” branch — reuniting Asia-Pacific and the Middle East — and a “Western markets” division, comprising the non-ringed-fenced U.K. bank, the continental European business and the Americas.

This breaking news story is being updated.

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