HSBC to close some investment banking units in Europe, America, Bloomberg says

HSBC (HSBC) will wind down some of its investment banking operations in Europe, the UK., and the Americas, with plans to no longer provide equity and underwriting advisory services outside its core operations in Asia and the Middle East, Harry Wilson and Helene Durand of Bloomberg reports, citing a company memo. The bank will complete any live deals and mandates while providing special incentives to keep staff motivated as their roles will end once work is wrapped up, a person familiar with the matter said. “We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East, and we will look to wind-down those activities in Europe, the UK and the Americas,” the company memo said, according to Bloomberg.