HSBC will shut key parts of its investment banking business in the UK, Europe and the Americas as part of chief executive Georges Elhedery’s plan to overhaul its operations.

By Sinead Cruise LONDON (Reuters) -HSBC plans to wind down its M&A and some equities businesses in Europe and the Americas, the bank said on Tuesday, accelerating a shift to Asia in its biggest retrenchment from investment banking in decades.

HSBC Holdings Plc will wind down some of its investment banking operations in Europe, the UK and the Americas in the latest sign that Chief Executive Officer Georges Elhedery is willing to be ruthless in his ongoing restructuring of the bank.

The bank will discontinue operations in the UK, Europe and North America HSBC has reportedly unveiled plans to scale back sections of its investment banking operations across the UK, Europe and North America as part of its ongoing restructuring efforts.

Boss Georges Elhedery (pictured) is pressing ahead with an overhaul of the Asia-focused bank including a geographic split between East and West.

HSBC is to wind down its M&A and equities businesses in Europe, Britain and the Americas, a staff memo showed on Tuesday, signalling its biggest retrenchment from investment banking in decades and an acceleration of its shift to Asia.

HSBC Holdings Plc (LON:HSBA) is set to scale down its investment banking operations in certain regions as part of an ongoing restructuring process led by CEO Georges Elhedery. The bank will cease providing equity underwriting and advisory services in Europe,

HSBC Holdings Plc, has announced plans to scale down its investment banking operations across Europe, the UK, and the Americas. Europe's largest banking group wants to concentrate its resources on Eastern markets,