HSBC cutting senior positions in investment banking and trading division
(1 June 2016 – United Kingdom) According to reports, London-based HSBC has begun cutting senior positions in its investment banking division.
The bank began informing staff in its global banking and markets division in London headquarters last week, with the cuts likely extending to offices world-wide, reports have indicated.
The latest round of job cuts follows the appointment of new global banking co-chief Matthew Westerman, who insiders says “is making his mark.”
Westerman joined the bank from Goldman Sachs to become co-head of global banking in its investment bank, alongside Robin Phillips. The bank announced at the same time it would enlarge the global banking unit by merging its capital financing business into it.
In June 2015, HSBC indicated that it would reduce its workforce by nearly a quarter, as CEO Stuart Gulliver seeks to battle slow growth across its extending portfolio.
Part of that cull involves cutting back risk weighted assets in the investment banking and trading unit of the lender by up to one third.
The bank has declined to respond to the rumours.
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