Money Briefs: HSBC 'cutting senior investment bank posts'

HSBC 'cutting senior investment bank posts'

LONDON • HSBC Holdings is cutting senior investment banking positions as part of its ongoing plan to reduce costs, according to a person with knowledge of the matter.

The cuts reflect a gradual trimming of jobs. A year ago, chief executive officer Stuart Gulliver outlined a three-year plan to pare back HSBC's global network by shutting money-losing businesses and eliminating as many as 25,000 jobs.

The cost cuts helped the bank beat analysts' estimates for first-quarter profit, when Mr Gulliver said he was confident of hitting expense targets by the end of 2017.

HSBC said in February it would fold its capital-financing arm into the investment bank, and some of the job cuts are a result of duplication as the businesses are combined, the person said.

BLOOMBERG


UK menswear chain to close 120 stores

LONDON • Britain's historic menswear chain Austin Reed, whose suits were worn by Winston Churchill and The Beatles, said it will close 120 stores by the end of June as it winds down its operations.

The company fell into administration last month and no viable offers were made for its purchase.

The firm's administrators AlixPartners said: "We have made the difficult decision to cease trading the business and commence a wind-down of the estate."

The firm, which also sells office suits for women, was founded by Austin Leonard Reed in 1900. Austin Reed, whose clients also include International Monetary Fund chief Christine Lagarde, has a total of 1,184 employees.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on June 02, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe