HSBC will offload around 100 employees in its equities business including research, sales, trading and back-office functions.vMost of the cuts will be made in the bank’s continental European trading floors, according to a report citing anonymous sources. A handful of layoffs will apply to Hong Kong.
The bank could not comment on the matter ahead of scheduled reporting of its annual results for 2019.
HSBC is undergoing a major cost-cutting exercise under interim chief Noel Quinn and was reportedly reviewing its equities business as part of the latest round of cuts which could total 10,000 jobs in Europe. This also follows announcements in August by the bank to layoff more than 4,700 jobs to cut 4 percent of wage costs.
HSBC is expected to redirect its European equities business to focus on its core home market in the U.K., sources added, while retaining the trading hub in Paris to serve continental Europe. As part of Its retreat in the region, the bank will also seek to sell its French retail business and has repeatedly hired Lazard to support the estimated $1.1 billion deal.
