HSBC joined global rivals including UBS Group AG, Goldman Sachs Group Inc. and Citigroup Inc. that have already made several rounds of job cuts in Asia over the past 18 months as stock sales and mergers tumble. Dealflow in Hong Kong and China, HSBC’s core markets, is especially sluggish as the world’s second-largest economy has struggled to find a firm footing post-pandemic.
HSBC Holdings Plc has started a new round of job cuts at its Asia investment bank amid a slump in dealmaking across the region, according to people familiar with the matter.
The London-based lender cut around a dozen bankers across its investment banking division in Asia on Tuesday, one of the people said, asking not to be identified discussing a private matter.
