HSBC (HSBA.L), opens new tab plans to wind down its M&A and some equities businesses in Europe and the Americas, the bank said on Tuesday, accelerating a shift to Asia in its biggest retrenchment from investment banking in decades.

"Our intention is to move to a more competitive, scalable, financing-led model," Michael Roberts, CEO HSBC Bank said in a memo sent to staff seen by Reuters, which said the lender would retain more focused M&A and equity capital markets capabilities in Asia and the Middle East