HSBC Bank branch on January 15, 2024 in London, United Kingdom. HSBC Bank PLC is a British organization for multinational banking matters and financial services. HSBCS International Network consists of around 7,500 offices in more than 80 countries worldwide. (Photo by Mike Kemp/in photos via getty images)
Mike Kemp | In Photos Getty images
HSBC Prepares to settle its mergers and acquisitions and share capital markets in Europe, the UK and the US, in the midst of a broader overhaul of its investment bank activities.
“As part of our continuous efforts to simplify HSBC and to increase leadership in our power areas, we are an assessment of an evaluation of our investment bank activities,” said a spokesperson on Tuesday. “We will retain more focused capacities for mergers and acquisitions and equity capital markets in Asia and the Middle East and our activities of mergers and takeovers and share capital in the UK, Europe and the US will conclude, subject to local legal requirements.”
Worldwide investment banking raised $ 544 million in the six months to 30 June, accounting for only 6.2% of the bank’s net result during the period, according to the HSBC interim report.
London-listed shares of HSBC fell by 0.16% at 11:50 am London.
The news, first reported by Bloomberg, comes as HSBC CEO Georges Elhedery, who stepped into the leading role last year, the lender starts a broader revision that focuses on cost -saving efforts.
In October, the bank unveiled plans for a new geographical attitude and wanted to consolidate its activities in four business units, divided between a branch “Eastern markets”-remuneration Asia-Pacific and the Middle East and a “Western markets” division division, existing, From the non-ring with UK Bank, the Continental European Business and North and South America.
HSBC, which is due to post -annual results on 19 February, benefited in addition to other European lenders from a piece of high interest rates, but now has to be braced for the loss while the European Central Bank continues to relax its monetary policy. The bank reported the most recently for taxes of $ 8.5 billion in the third quarter, according to analyst expectations nearly $ 8 billion, according to LSEG data. At the time, the lender also announced a sales buy of $ 3 billion.
The bank has also changed at the top, with his first female chief finance officer Pam Kaur In place this month and with long -term chairman Mark Tucker expected to resign in 2026According to Sky News.