Finance
HSBC to Shutter Some Investment Banking Units in Europe, US
- Equity underwriting, advisory to wind down in Americas, Europe
- Bank will focus more on debt underwriting, leveraged finance
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HSBC Holdings Plc will wind down some of its investment banking operations in Europe, the UK and the Americas in the latest sign that Chief Executive Officer Georges Elhedery is willing to be ruthless in his ongoing restructuring of the bank.
Europe’s largest lender will no longer provide equity underwriting and advisory services outside of its core operations in Asia and the Middle East, according to a memo seen by Bloomberg News.