HSBC is undertaking a major restructuring of its investment banking division. The bank wants to make the business more ‘agile and holistic’ and save money, according to news reports. The bank intends to create a new group called Corporate, Financials and Multinationals Banking that will integrate the transaction banking, investment banking and lending. A bank spokesperson said no direct jobs will be lost. A memo from global banking co-heads Robin Phillips and Matthew Westerman, said the new banking unit will be managed by Philippe Henry. They said the new structure will improve returns for the shareholders by improving profitability and generating efficiencies.
