HSBC is winding down its M&A and equities businesses in Europe, Britain, and the Americas, marking a significant retreat from investment banking as it shifts focus toward Asia. CEO Michael Roberts indicated a move to a more competitive, financing-led model, retaining selective M&A and ECM capabilities in Asia and the Middle East. This restructuring, part of a cost-cutting initiative led by CEO Georges Elhedery, aims to streamline operations and enhance accountability. While HSBC will maintain global debt capital markets and leveraged acquisition finance, the precise impact on jobs and savings remains unclear. Analysts express skepticism about the bank’s past struggles in ECM.