HSBC's investment bank to shed clients, assets in profitability push

HSBC's (HSBA.L) investment bank could shed more than a fifth of its clients and plans to reduce its credit and interest rates businesses by $100 billion over the next two years in its bid to improve profitability. Under a strategic shift announced on Tuesday, HSBC said it will reduce the assets at its investment bank by a third, or $140 billion, which will reduce the significance of the business to Europe's biggest bank. HSBC said its investment bank, known as global banking and markets (GBM), will sell $40 billion of legacy credit positions, cut assets at its rates and markets division by $60 billion and reduce low returning loans by $40 billion, according to a presentation.

HSBC's investment bank to shed clients, assets in profitability push source: http://finance.yahoo.com/news/hsbcs-investment-bank-shed-clients-163623985.html