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HSBC rules out major changes to investment bank

Reuters - UK Focus

LONDON, May 23 (Reuters) - HSBC's Chief Executive Stuart Gulliver told shareholders at the bank's annual meeting that it had no plans to follow rivals by significantly re-shaping its investment banking business.

"There's no real need to change ours. I don't see any need to exit large chunks of the business. We will continue to invest in the organic growth of GBM (investment bank arm Global Banking and Markets)," he said.

Gulliver was referring to recent plans announced by Barclays (Berlin: BCY.BE - news) to shrink its investment bank and by Deutsche Bank (Xetra: DBK.DE - news) to raise billions of euros and grow its investment bank in the United States. (Reporting by Steve Slater and Matt Scuffham; Editing by Chris Vellacott)