HSBC is scaling back its investment banking operations in the UK, Europe, and the US as part of a wider restructuring effort, confirmed by a spokesperson. A memo to staff details the bank's decision to phase out mergers and acquisitions and equity capital markets services outside of Asia and the Middle East.
According to their financial results, global investment banking activities accounted for 6% of HSBC's total revenues in the most recent half-year. The discontinuation of the bank's global payments app Zign will jeopardize approximately 400 jobs, including contracted customer support positions.