05:51 AM EDT, 03/13/2025 (MT Newswires) -- HSBC ( HSBC ) is putting some of its investment bankers on short-term retention agreements after saying it would close certain units, Bloomberg News reported Wednesday, citing people familiar with the matter.

Certain bankers are on three- to six-month work arrangements to wrap up client mandates in Europe, Asia and the Americas, the unnamed sources told the news outlet, adding that the company plans to cut many of vice chair roles in various markets.

"HSBC ( HSBC ) is moving to a new, simpler structure as we continue to focus on products and geographies where we can have a clear competitive advantage," Bloomberg reported, citing a London-based spokesperson of the company.

HSBC ( HSBC ) did not immediately reply to MT Newswires' request for comment.

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