(Reuters) – HSBC is considering merging its commercial and investment banking divisions to eliminate duplication and cut costs, Bloomberg reported on Monday, citing unnamed sources familiar with the matter.
Combined, the two divisions would constitute the bank’s main source of revenue, worth about $40 billion (36.2 billion euros) a year, according to Bloomberg.
No final decision has been made and details of a possible restructuring could still change, according to sources cited in the article.
HSBC declined to comment to Reuters.
The change, if successful, would be the first under new CEO Georges Elhedery, who has pledged to accelerate the bank’s strategy to revive its growth.
In recent years, HSBC has scaled back its operations in Western markets, such as the United States, France and Canada, to focus on Asia and markets where the bank already has some scale.
(Reporting by Prerna Bedi in Bangalore; Edited by Blandine Hénault)
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