HSBC Shaves M&A Jobs in Japan, Australia
HSBC’s drive to cut headcount continues, this time targeting merger advisory teams in Japan and Australia.
About 10 positions were eliminated and moving forward, it is believed that clients will be served out of Hong Kong, Singapore and Southeast Asia, according to a «Bloomberg» report (behind paywall). Debt capital market teams were believed to be «largely unaffected.»
«Business and function lines constantly reevaluate their needs to ensure they have the right roles in the right locations to deliver for our customers and stakeholders,» a spokesperson for HSBC said.
The bank is seeking to cut more than 4,000 jobs in an effort to shrink wage costs by four percent. Focus on senior positions, attrition and severance are expected to significantly reduce costs.
But while HSBC is cutting staff costs, it is investing elsewhere including a potential acquisition of Aviva’s Asia business to diversify and boost insurance capabilities in Southeast Asia.
