HSBC rules out plans to overhaul investment bank arm
HSBC shareholders have been told by the bank’s chief executive, Stuart Gulliver, that Europe’s biggest bank had no plans to follow rivals by dramatically reshaping its investment bank, Reuters has reported. Gulliver said the bank’s Global Banking and Markets (GBM) investment banking arm had grown its revenue in recent years and taken market share from rivals that were shrinking. “We have a very different FICC (fixed income, currencies and commodities) model. There’s no real need to change ours,” Gulliver said. “I don’t see any need to exit large chunks of the business. We will continue to invest in the organic growth of GBM,” he said.