Historically, HSBC has had one of the most comprehensive research outfits on Wall Street. Before the recent cuts, the lender said it had more than 330 analysts and associates that produce more than 12,000 reports a year. In equities alone, the lender covered roughly 2,000 companies globally.
HSBC Holdings Plc dismissed more than two dozen analysts as Europe’s largest lender embarks on one of the biggest restructurings of a Wall Street research department in recent years.
Most of the cuts were in Europe, though they include Steven Major, HSBC’s Dubai-based global head of fixed income research, according to people familiar with the matter. As part of the changes, the London-based bank is combining macro strategy across asset classes including foreign exchange and fixed income, one of the people said, who asked not to be identified discussing confidential information.
