HSBC to Cut 100 Senior Investment-Banking Jobs Globally
January 20 2017 - 10:26AM
Dow Jones News
By Margot Patrick
LONDON--HSBC Holdings PLC is cutting around 100 of its senior
investment bankers, adding to cuts last year from a restructuring
in HSBC's global banking business.
HSBC in a statement said the bank reviews performance across its
global banking and markets business annually and makes "appropriate
changes to strengthen and grow the business."
In June, several top bankers departed as part of a
reorganization of its global banking division under new co-head
Matthew Westerman.
HSBC doesn't disclose the number of employees in the GBM
division, but has been cutting tens of thousands of jobs across its
operations as part of a broader effort to improve returns. The bank
reports fourth-quarter results on Feb. 21.
This week, Chief Executive Stuart Gulliver repeated an estimate
he made last year that around 1,000 jobs within the GBM unit could
move to Paris as part of the U.K.'s departure from the European
Union.
-Write to Margot Patrick to margot.patrick@wsj.com
(END) Dow Jones Newswires
January 20, 2017 10:11 ET (15:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
HSBC (NYSE:HSBC)
Historical Stock Chart
From Mar 2024 to Apr 2024
HSBC (NYSE:HSBC)
Historical Stock Chart
From Apr 2023 to Apr 2024