HSBC Holdings Plc is restructuring its investment bank to align more closely with competitors like Citigroup Inc. The revamp involves consolidating existing sector teams into five broader groups, enhancing efficiency and focus on innovation and sustainability, according to a Bloomberg-seen memo. Adam Bagshaw and Matthew Ginsburg, co-heads of global banking at HSBC, stated the reorganisation aims to improve agility and growth readiness. HSBC’s changes mirror Citigroup’s earlier strategy of merging sector groups. Additionally, HSBC plans employee briefings and a September town hall as it adapts to expected challenges from falling interest rates. The bank also anticipates a second-quarter revenue drop and is curbing hiring and travel expenses while preparing for a leadership transition following CEO Noel Quinn’s announced resignation.