(2nd December 2003 – UK) HSBC has announced it will cut up to one third of its equities staff across the globe, reducing the number from 1450 to 1000 by early next year.The move forms part of HSBC’s ongoing review of its equities business that will essentially see the bank begin trading on its own balance sheet rather than acting on behalf of clients.
HSBC has identified investment and corporate banking, which currently comprises almost a third of its profit, as potentially offering the highest growth among its businesses.
Last month the bank shed 90 equities jobs in London, New York and offices around Europe. This followed the loss of 1400 jobs from its UK head office because of national insurance costs.
HSBC also recently announced it was shifting 4000 call centre and processing jobs from the UK to Asia.