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.

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.

Back in October, the bank unveiled plans for a new geographic setup and set out to consolidate its operations into four business units.

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,

HSBC said on Tuesday that it will wind down its M&A and equities businesses in Europe, Britain and the Americas