HSBC (HSBC) plans to strengthen investment banking operations in Asia and the Middle East following its exit from Europe and US, Bloomberg reported, citing an interview with Chief Executive Officer Georges Elhedery.

The bank will prioritize debt financing in Asia and mergers, acquisitions, and equity capital markets in the Middle East, the report said. HSBC will also keep investing in Hong Kong, which Elhedery said is set to become a top cross-border wealth hub, according to the report.

The restructuring, expected to save $1.5 billion in efficiency costs, involved job cuts and management streamlining to allow the bank to focus on areas where it has a competitive edge, Bloomberg said.

The bank expects to incur $1.8 billion in severance costs, with changes expected to unfold in the first half of the year, Bloomberg quoted Elhedery.

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