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Market Chatter: HSBC to Focus Investment Banking Efforts on Asia, Middle East

MT Newswires Live03-25

HSBC (HSBC) plans to strengthen investment banking operations in Asia and the Middle East following its exit from Europe and US, Bloomberg reported, citing an interview with Chief Executive Officer Georges Elhedery.

The bank will prioritize debt financing in Asia and mergers, acquisitions, and equity capital markets in the Middle East, the report said. HSBC will also keep investing in Hong Kong, which Elhedery said is set to become a top cross-border wealth hub, according to the report.

The restructuring, expected to save $1.5 billion in efficiency costs, involved job cuts and management streamlining to allow the bank to focus on areas where it has a competitive edge, Bloomberg said.

The bank expects to incur $1.8 billion in severance costs, with changes expected to unfold in the first half of the year, Bloomberg quoted Elhedery.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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