LONDON -- U.K.-based financial services company HSBC Holdings is forging ahead with a restructuring plan that will downsize its investment banking business in Europe and the Americas and accelerate a shift to Asia, Nikkei has learned.

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 Holdings Plc will wind down some of its investment banking operations in Europe, the UK and the Americas in the latest sign that Chief Executive Officer Georges Elhedery is willing to be ruthless in his ongoing restructuring of the bank.

HSBC Holdings Plc (LON:HSBA) is set to scale down its investment banking operations in certain regions as part of an ongoing restructuring process led by CEO Georges Elhedery. The bank will cease providing equity underwriting and advisory services in Europe,

HSBC (NYSE:HSBC) is set to wind down its mergers and acquisitions and equity capital markets businesses in Europe, the UK, and the U.S. as part of a significant restructuring strategy, Reuters reported,