HSBC Holdings starts axing at least 50 jobs in its global banking and market unit this week.
As part of an annual performance review of its staff, HSBC Holdings is said to cut at least 50 jobs in its global banking and market unit this week, according to «Bloomberg», which cited a person familiar with the matter.
Affected employees from across HSBC’s investment banking division will lose their jobs in these few weeks, the source said. Entire sales teams had been axed, with some members of staff leaving the bank’s London headquarters in Canary Wharf on Tuesday, according to a «Reuters» report.
Turbulent Period
HSBC has begun cutting senior posts in its investment banking division as early as 2016, according to a separate «Reuters» report. The recent cuts follow a turbulent period at HSBC's global banking and markets division, which houses its trading and investment banking businesses.
The unit thus suffered an exodus of high-profile dealmakers in Europe last year, citing frustration at a lack of a clear strategy, media sources had said. According to its 2017 annual report, the bank had about 49,000 staff in its global banking and markets division.
