06:20 AM EST, 01/28/2025 (MT Newswires) -- HSBC ( HSBC ) plans to wind down its mergers and acquisitions and equity underwriting operations in the UK, Europe, and the Americas, shifting its focus to Asia and the Middle East, multiple news outlets reported Tuesday, citing an internal staff memo.

The restructuring aims to reduce costs, improve accountability, and reallocate resources to regions where the bank generates the majority of its profits, these reports said.

HSBC ( HSBC ) will transition to a financing-focused model to strengthen its position in areas such as debt markets and strategic equity finance, Reuters reported, quoting the memo.

While the exact number of job cuts is unknown, some employees are expected to be reassigned to positions in Asia and the Middle East, these reports said.

An HSBC ( HSBC ) spokesperson told MT Newswires that the bank is finalizing a review of its investment banking division, which will retain targeted M&A and equity capital markets capabilities in Asia and the Middle East while winding down these activities in the UK, Europe, and the US, in compliance with local regulations.