Some cuts are already underway in the firm’s markets division but wider layoffs across the investment bank will begin as early as Monday, the people said. The dismissals will be staggered over several weeks and months, one of the people said. Staff will be let go based on performance as well as to remove duplication of jobs or to simplify operations, the person said.
HSBC Holdings is kicking off a fresh round of job cuts at its investment bank as new CEO Georges Elhedery continues his overhaul of Europe’s biggest lender, according to people familiar with the matter.
The latest phase of cuts will start in Asia, but will ultimately affect employees globally, said the people, who asked not to be identified discussing private matters. It’s not clear how many people will be affected by the moves.
