Investment Deals HSBC is to wind down its investment banking arms in the UK, Europe & US. The bank is overhauling its dealmaking and corporate advisory activities in the West to accelerate its focus on its more profitable operations in Asia. Georges Elhedery, who replaced Noel Quinn as CEO of Europe's biggest lender in September, is executing plans to make £2.4bn of cost savings and reorganise the business into four new divisions split between East and West. "We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East, and we will look to wind-down those activities in Europe, the UK and the Americas," an HSBC spokesperson said. Bristol FinTech finds replacement for CEO of 8 years Earlier Reuters reported that Michael Roberts, CEO of HSBC Bank, had sent a memo to staff outlining the company's "intention to move to a more competitive, scalable, financing-led model".