HSBC is preparing to wind down its M&A and equity capital markets businesses in Europe, the U.K. and the U.S. amid a broader overhaul of its investment banking operations.

“As part of our ongoing efforts to simplify HSBC and increase leadership in our areas of strength, we are finalising a review of our Investment Banking business,” a spokesperson said Tuesday. “We will retain more focused M&A and equity capital markets capabilities in Asia and the Middle East and will begin to wind-down our M&A and equity capital markets activities in the UK, Europe, and the US, subject to local legal requirements.”

London-listed shares of HSBC were down 0.36% at 10:41 a.m. London time.

The news comes as HSBC CEO Georges Elhedery, who stepped into the leadership role last year, embarks the lender on a broader overhaul targeting cost-cutting efforts.

Back in October, the bank unveiled plans for a new geographic setup and set out to consolidate its operations into four business units, divided between an “Eastern markets” branch — reuniting Asia-Pacific and the Middle East — and a “Western markets” division, comprising the non-ringed-fenced U.K. bank, the continental European business and the Americas.

This breaking news story is being updated.