HSBC to Shutter Some Investment Banking Units in Europe, US (3)

HSBC Holdings Plc will wind down some of its investment banking operations in Europe, the UK and the Americas in the latest sign that Chief Executive Officer Georges Elhedery is willing to be ruthless in his ongoing restructuring of the bank.

Europe’s largest lender will no longer provide equity underwriting and advisory services outside of its core operations in Asia and the Middle East, according to a memo seen by Bloomberg News.

“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 ...