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Investing.com -- HSBC Holdings Plc (LON:HSBA), Europe's largest banking group, is planning to scale down some of its investment banking operations in Europe, the UK, and the Americas, Bloomberg reported on Tuesday.
The banking giant intends to withdraw from providing equity capital markets and advisory services outside its primary operations in Asia and the Middle East, the report added, citing a memo seen by Bloomberg.
This withdrawal process is expected to take place over the coming months, it added.
HSBC has communicated to its staff that it will initiate discussions with clients in the coming days regarding the closure of its investment banking businesses in the West, as per the memo.
The bank will also ensure the completion of any ongoing deals and mandates.
The memo further details that HSBC will maintain a more concentrated merger and acquisition (M&A) and equity capital markets presence in Asia and the Middle East. Conversely, the bank plans to wind down these activities in Europe, the UK, and the Americas.
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