PHOTO
HSBC is mulling the combination of its Commercial and Investment banking divisions to eliminate overlapping roles at the lender and cut costs, Bloomberg News reported on Monday, citing people familiar with the matter.
The combined division would become the bank's largest revenue generator, contributing about $40 billion to the lender's revenue annually, the report added.
No final decisions have been made and details of any potential restructuring could still change, according to the sources cited in the report.
HSBC declined to comment to a Reuters request.
The change, if successful, would be the first under the new chief Georges Elhedery, who is committed to accelerate the bank's strategy to shift from restructuring to growth, at a time when interest rate hikes may have peaked and geopolitical tensions simmer.
HSBC has in recent years also slashed its businesses in the Western markets such as the US, France, and Canada as it focuses on Asia and markets where it has scale.
(Reporting by Prerna Bedi in Bengaluru; Editing by Shailesh Kuber)