LONDON, June 6 (IFR) - HSBC has restructured its investmentbank as part of a push to streamline the business to make itmore profitable and "agile".
The changes include a new structure in HSBC's global bankingbusiness by setting up a corporate, financials andmultinationals banking unit (CFMB), according to a staff memo onMonday seen by IFR.
It marks a step-up in plans to cut costs and streamlineparts of the investment bank, which were outlined in February byglobal business and markets chief executive Samir Assaf. At thattime HSBC hired senior Goldman Sachs banker Matthew Westerman tobecome co-head of banking alongside Robin Phillips. The latestchanges follow the arrival of Westerman last month.
"Our new structure will deliver the best outcome for ourclients by bringing our country, sector and product teams closertogether - and improve returns for our shareholders by improvingour profitability and generating efficiencies," said Westermanand Phillips in the memo.
HSBC has also set up a new advisory team, combiningcorporate finance with mergers and acquisitions execution. (Reporting by Steve Slater)