HSBC To Cease M&A, Equities Operations In Europe, Britain, Americas : Reuters

(RTTNews) - HSBC Holdings plc. (HSBC) is planning to shut down its M&A and Equities operations in Europe, Britain, and the Americas, shifting its focus on similar businesses in Asia and the Middle East markets, according to a report by Reuters.

The announcement was made in a staff memo, which stated that the move intends to streamline costs as well as enhance performance accountability, the report added.

The financial services company noted that the decision would not affect its debt capital markets and leveraged acquisition finance operations across the world.

The memo has not disclosed specific details such as how many employees will be laid off or how many bankers will be redeployed to other businesses.

In the pre-market hours, HSBC's stock is trading at $1.13 percent, to $51.51 on the New York Stock Exchange.