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The
reorganization is part of HSBC's plans announced last June to
slash nearly one in five jobs and shrink its investment bank by
a third as it seeks to boost profits.
HSBC did not say how many jobs would be cut in this cost-saving
drive, which follows the re-integration of the capital finance
business back into global banking, which was announced in
February.
Reuters reported last week that the bank would be trimming
dozens of senior jobs in its investment bank as a result of a
pending reshuffle.
The changes include setting up a new corporate, financials and
multinationals banking unit to be headed by Philippe Henry,
according to the memo from global banking co-heads Robin
Phillips and Matthew Westerman.
"Our new structure will ...improve returns for our shareholders
by improving our profitability and generating efficiencies," the
pair said in the memo.
A spokesman for HSBC confirmed its contents.
HSBC also said it would set up a new advisory team, combining
corporate finance with mergers and acquisitions execution.
IFR, a Thomson Reuters publication, earlier reported that John
Crompton, who was HSBC's global head of corporate finance, and
Florian Fautz, global head of M&A, left the bank last week as
part of the restructuring.
Several dozen junior staff will leave as part of the changes,
IFR reported.
(Reporting by Lawrence White; editing by Jason Neely and Jane
Merriman)
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