HSBC Holdings PLC (LSE:HSBA) is doubling down on investment banking in Asia and the Middle East, after scaling back operations in Europe and the US, according to an interview with CEO Georges Elhedery on Bloomberg TV.
The bank is targeting debt financing and M&A activity in Asia, and equity capital markets in the Gulf, following a sweeping overhaul aimed at sharpening its regional focus.
Restructuring is expected to save $1.5 billion (£1.2bn) and generate more “quality” revenue, Elhedery said.
Since taking over in September, Elhedery has cut senior roles and merged key divisions.
HSBC is also elevating Hong Kong to a standalone unit, calling it the “heart” of the business. Hong Kong accounted for 28% of group profits last year.