Shifts and Strategies: Key Changes in Banking, Tech, and Aerospace

The Financial Times highlights significant updates: HSBC plans to close parts of its investment banking units, Santander UK's chair William Vereker resigns, Microsoft faces competition scrutiny in the UK cloud market, Britain supports Orbex with a £20m loan, RBG Holdings suspends trading after management issues.

In a series of strategic shifts, HSBC has announced its decision to shut down key parts of its investment banking operations across Britain, Europe, and the United States. This move comes under the direction of Chief Executive Georges Elhedery's broader plan to restructure the bank's operations.

Meanwhile, William Vereker, the UK chair of Santander, has stepped down, highlighting an ongoing rift with the bank's Spanish parent led by Executive Chair Ana Botin. This marks a significant leadership transition within Santander's British arm.

The British antitrust regulator has accused Microsoft of using its software dominance to obstruct competitors in the lucrative £9 billion cloud services market. In aerospace news, the British government has approved a £20 million loan to support Orbex, enabling it to advance its rocket development toward launch in Scotland this year. Furthermore, RBG Holdings has paused trading due to unresolved management disputes, raising concerns about its financial future.

(With inputs from agencies.)