HSBC revamps investment bank in line with rivals
Finance | Bloomberg 11 Jul 2024HSBC (0005) is revamping parts of its investment bank in a move that will make it look more like rivals such as Citigroup.
Executives in HSBC's global banking business are combining several of its industry coverage groups, according to people familiar with the matter. Such moves would allow bankers to work more efficiently, the people said.
With the moves, HSBC is following in the footsteps of Citigroup, which also merged a bevy of its sector groups in recent years. That bank, for instance, created a super group focused on technology and communications companies, it has another one that covers healthcare, consumer and retail firms, and it united its energy, power and chemicals teams into a new natural resources team in 2021.
Meanwhile, Barclays plans a major hiring spree in Asia to expand client assets over the next few years, focusing on the ultra-rich and family offices in India and Singapore, said Nitin Singh, the bank's wealth business head for the region.
In other news, China's four biggest banks - ICBC (1398), China Construction Bank (0939), Agricultural Bank of China (1288) and Bank of China (3988) - retained their rating as the four largest banks in the world by Tier 1 capital, to the latest ranking by The Banker.
Agencies
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