09:57 AM EDT, 07/10/2024 (MT Newswires) -- (Updates with HSBC's ( HSBC ) response in the third paragraph.)

HSBC Holdings ( HSBC ) is redesigning parts of its investment bank to make it similar to rivals such as Citigroup ( C ) , Bloomberg News reported Wednesday, citing people familiar with the matter.

Company executives will combine several of its industry coverage groups, which should allow bankers to work more efficiently, the report said. The move is similar to how Citigroup ( C ) merged its sector groups into bigger clusters with broader coverages, Bloomberg said.

"Servicing our clients is our priority and therefore ensuring we have the right people in the right places. These groups underline our client focus and alignment," an HSBC ( HSBC ) spokesperson told MT Newswires in an email.

(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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