HSBC axes 40 dealmakers in Hong Kong as part of revamp to cut costs, source says
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At least four managing directors were let go, one of them based in Singapore, sources say..
PHOTO: REUTERS
HONG KONG/SYDNEY - HSBC has laid off around 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs.
The job cuts in its regional hub Hong Kong started on Feb 17, said the person and another source with knowledge of the matter, and come ahead of the London-headquartered bank releasing its full-year results on Feb 19.
At least four managing directors were let go, with three of them based in Hong Kong and one in Singapore, said one of the sources, who declined to be named as the job cuts at the bank were not public.
HSBC declined to comment on the latest round of job cuts in Hong Kong.
The investment banking job cuts also come after HSBC in January announced plans to wind down its mergers and acquisitions and some equities businesses in Europe and the Americas in a bid to boost returns.
HSBC’s latest restructuring is being led by its chief executive officer Georges Elhedery,
As part of the overhaul, the bank said in October that it would combine some of its commercial and investment banking businesses, and it installed a new leadership structure.
It also planned to carve up its operations into four business lines, namely UK, Hong Kong, corporate and institutional banking, and wealth banking. REUTERS
