(Feb 20): HSBC cut 10% of its US-based debt capital markets team, continuing to cull costs after announcing a revamp of the business last October, according to people familiar with the matter.
At least six people in New York were let go Thursday, according to the people, who asked not to be identified discussing private information. The employees included one managing director, two directors, two associates and one analyst, according to one of the people.
HSBC unveiled a cost-cutting programme last year as chief executive officer Georges Elhedery tries to strip out layers of management and cut 8% of employee costs, aiming to save US$1.8 billion. Since taking the helm in 2024, he has combined HSBC’s commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. HSBC also pulled back from M&A and equity capital markets in the UK, Europe and the US to focus on Asia and the Middle East.
In an email, an HSBC spokesperson declined to comment on individuals but said the bank is committed to retaining talent and is proud of its DCM business.
HSBC is set to report earnings on Wednesday after its US rivals posted strong results during the fourth quarter. The bank has been consistently among the top 10 underwriters for US corporate debt sales over the past three years, according to data compiled by Bloomberg.
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