09:48 AM EDT, 09/09/2024 (MT Newswires) -- (Updates to add the response from HSBC ( HSBC ) in the third paragraph and the latest stock move in the fourth paragraph.)

HSBC Holdings ( HSBC ) is mulling a combination of its commercial and investment bank divisions as part of an effort to eliminate overlapping roles across the company and cut costs, Bloomberg reported Monday, citing people familiar with the matter.

The combined division would become the bank's biggest revenue creator, adding about $40 billion per year to HSBC ( HSBC ) and jumping ahead of its wealth and personal banking division, according to the report.

An HSBC ( HSBC ) representative declined to comment to MT Newswires.

Shares of HSBC ( HSBC ) were up 1.7% in recent Monday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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