HSBC is preparing to wind down its M&A and equity capital markets businesses in Europe, the UK and the Americas as part of a major shake-up of its investment banking operations, a memo showed on Tuesday.

Georges Elhedery has overseen a significant shake-up of the London-based firm since taking over as chief executive last September.

HSBC will shut key parts of its investment banking business in the UK, Europe and the Americas as part of chief executive Georges Elhedery’s plan to overhaul its operations. Europe’s biggest lender will close its mergers and acquisitions advisory and its equity capital markets businesses outside Asia and the Middle East,

HSBC is to wind down its M&A and equities businesses in Europe, Britain and the Americas, a staff memo showed on Tuesday, signalling its biggest retrenchment from investment banking in decades and an acceleration of its shift to Asia.

HSBC is set to cut its investment banking operations in EU and U.S. markets. The U.K.-based bank will instead focus more on its Asian markets.

HSBC said on Tuesday that it will wind down its M&A and equities businesses in Europe, Britain and the Americas