HSBC revamps investment banking division into five new groups

By Elena Vardon

HSBC (UK:HSBA) (HSBC) is simplifying the structure of its investment bank by merging sector teams.

The lender's executives are combining several industry coverage groups in its global banking business to allow teams to be more agile and flexible, according to an internal note.

The five new groups are split into technology, digital and financial services; consumer, healthcare and retail; resources, industrials and energy transition; real assets and services; and the private capital group. Each new team groups together industry subsectors that face similar structural and economic trends, the note reads.

The reorganization-effective immediately-aims to better align the business to the bank's strategic areas of focus, including the innovation economy and sustainability-related industries, it says.

"Servicing our clients is our priority and therefore [so is] ensuring we have the right people in the right places," an HSBC spokesperson said, adding that the groups underline its client focus and alignment.

Write to Elena Vardon at elena.vardon@wsj.com

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07-10-24 0734ET

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