Far from setting out a bold revamp of its strategy, HSBC is bent on 'defending the Empire', which may lead to its loss, a leading broker said.Adapt or die?The lender's investor update published on 9 June revealed how management continues to underestimate the negatives of running a complex global universal banking business model given the new regulatory and operating environment analysts at Macquarie wrote in a research note dated 9 June.Given the reduction in risk weighted assets which it announced, HSBC is still too optimistic on its ability to generate revenues.Hence, in the medium-term the broker still sees a risk of a dividend cut - which could push HSBC towards a break-up.Yes, the bank will sell businesses or exit from Turkey and Brazil but the "root problems" of sub-scale and underperforming markets and businesses continued to be unaddressed.Bank may be a value-trap in current formIndeed, "assuming no radical strategic change", the dividend pay-out is significantly at risk, Macquarie maintained."A break-up of HSBC - or more radical restructuring - would generate substantial shareholder value in our view and it is a mid-term risk to our Underperform call," it added."HSBC will remain a sub-10% ROE business."Macquarie kept its underperform recommendation and 5,200p target price on the shares unchanged.