HSBC cuts 40 dealmakers in Hong Kong as part of revamp to cut costs, source says
FILE PHOTO: HSBC logo is seen in this illustration taken December 22, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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 Monday, two sources said, and comes ahead of the London-headquartered bank releasing its full-year results on Wednesday.
The investment banking job cuts also come after HSBC last month 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 declined to comment on the latest round of job cuts in Hong Kong. IFR first reported the layoffs on Monday.
Hong Kong-listed shares of HSBC were up 1.8 per cent on Tuesday, outperforming a 1.6 per cent gain in the benchmark Hang Seng index.
