HSBC (HKG:0005) is slashing jobs from its Europe investment banking business in line with the restructuring initiated by Chief Executive Officer Georges Elhedery, Financial News reported Wednesday, citing people familiar with the matter.

The dealmakers were informed of their redundancies from Feb. 20 to 24, the report said, citing the sources.

HSBC's recent job cuts are seen to affect 200 to 300 front-line roles in its London investment bank in the short term, while more from legal and compliance could take cuts as well, the report said.

The bank is closing its M&A and equity capital markets business in the UK and Europe, and will also reduce its workforce in other sector teams with up to 70% of roles at risk in some units, the report said.

"HSBC is moving to a new, simpler structure as we continue to focus on products & geographies where we can have a clear competitive advantage and the greatest opportunity to grow," a spokesperson for the bank said in an email to MT Newswires.

Shares jumped 1% during Thursday's afternoon trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)