HSBC is preparing to wind down its M&A and equity capital markets businesses in Europe, the UK and the Americas as part of a major shake-up of its investment banking operations, a memo showed on Tuesday.

Georges Elhedery has overseen a significant shake-up of the London-based firm since taking over as chief executive last September.

HSBC is to wind down its M&A and equities businesses in Europe, Britain and the Americas, a staff memo showed on Tuesday, signalling its biggest retrenchment from investment banking in decades and an acceleration of its shift to Asia.

HSBC will shut key parts of its investment banking business in the UK, Europe and the Americas as part of chief executive Georges Elhedery’s plan to overhaul its operations. Europe’s biggest lender will close its mergers and acquisitions advisory and its equity capital markets businesses outside Asia and the Middle East,

HSBC said on Tuesday that it will wind down its M&A and equities businesses in Europe, Britain and the Americas

HSBC Holdings Plc (LON:HSBA) is set to scale down its investment banking operations in certain regions as part of an ongoing restructuring process led by CEO Georges Elhedery. The bank will cease providing equity underwriting and advisory services in Europe,

HSBC Holdings Plc, has announced plans to scale down its investment banking operations across Europe, the UK, and the Americas. Europe's largest banking group wants to concentrate its resources on Eastern markets,