Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

HSBC announced plans to shut down its industrial metals business as part of a larger restructuring plan on July 3. The company will, however, continue its precious metals business.


According to media reports, the largest bank in Europe intends to lay off around 35,000 employees and close some of its non-core businesses under the restructuring plan. 


A company spokesperson told media on July 3 that the base metals businesses’ returns were too low to justify continuing them, although it will continue growing its precious metals business, where the company holds a stronger position.


HSBC had previously exited the industrial metals business in 2005, but rebuilt it in recent years. Under this segment, the company covered metals like copper, nickel, lead, aluminum, zinc, and tin.

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