HSBC: business banking services 'winding down' across the UK - investment and intermediaries affected
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- HSBC is scaling back its investment banking operations in the UK, Europe, and the Americas
- The bank plans to reduce its M&A advisory and equity capital markets services outside of Asia and the Middle East
- HSBC will start discussions with clients about shutting down these operations while completing ongoing deals
- The changes won’t directly affect the general public but may impact businesses needing these services
A major UK-based bank is set to scale back certain parts of its banking operations in the UK, Europe, and the Americas as part of an ongoing overhaul led by its leadership.
Since Georges Elhedery took over as CEO last September, he has spearheaded a major restructuring of HSBC.
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Hide AdIn a memo sent to staff on Tuesday morning (January 28), the company announced plans to reduce its mergers and acquisitions (M&A) advisory and equity capital markets services outside of Asia and the Middle East.
The bank has not yet revealed how many employees will be impacted by these changes to its investment banking operations.
The lender said it will begin discussions with clients in the coming days regarding the closure of these operations, while completing any ongoing deals.
In the memo, the company added that its “intention is to move to a more competitive, scalable, financing-led model”. The bank will maintain its other operations in western markets.
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What does it mean for me?
For an average member of the public, the changes won’t have an immediate, direct effect unless they are involved in or working with large companies that typically engage with the services being shuttered.
But for businesses in the UK, Europe, or the Americas looking to raise capital or go through a merger or acquisition, they may need to seek alternative investment banks or advisory firms for these services.
It comes days after HSBC confirmed plans to shut down its global payments app Zing a year after launch, putting hundreds of jobs at risk.
Zing was launched in the UK in January 2024 for people to hold funds in different currencies, send money internationally, or spend in the UK and abroad through an app and a multi-currency debit card.
The closure is understood to be putting up to about 400 jobs at risk, including a significant number of non-HSBC staff contracted for customer support roles.
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