HSBC plans to slim down rates, derivs, equities in Europe

By Jasper Cox
18 Feb 2020

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

The changes, which investors had been waiting for since October, were announced early on Tuesday morning alongside the bank’s full year results for 2019.

“The group’s 2019 performance was resilient. However, parts of our business are not delivering acceptable returns,” said Noel Quinn, interim group chief executive. ...

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