HSBC plans new round of investment bank job cuts next week

HSBC (0005) is kicking off a fresh round of job cuts at its investment bank as new chief executive Georges Elhedery continues his overhaul of Europe’s biggest lender, according to people familiar with the matter.

The latest phase of cuts will start in Asia, but will ultimately affect employees globally, said the people, who asked not to be identified discussing private matters. It’s not clear how many people will be affected by the moves.

Some cuts are already underway in the firm’s markets division but wider layoffs across the investment bank will begin as early as Monday, the people said. The dismissals will be staggered over several weeks and months, one of the people said. Staff will be let go based on performance as well as to remove duplication of jobs or to simplify operations, the person said.

“As announced on October 2024, HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage and where it has the greatest opportunities to grow,” an HSBC spokesperson said in an emailed response to Bloomberg inquiry.