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HSBC cuts dozens of investment banking jobs – source

HSBC cuts dozens of investment banking jobs – source

FILE PHOTO: HSBC’s building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay LONDON (Reuters) – HSBC is preparing to lay off dozens of staff in its global banking & markets business, a source with direct knowledge of the matter told Reuters,

FILE PHOTO: HSBC’s building in Canary Wharf is seen behind a City of London sign outside Billingsgate Market in London, Britain, August 8, 2018. REUTERS/Hannah McKay

LONDON (Reuters) – HSBC is preparing to lay off dozens of staff in its global banking & markets business, a source with direct knowledge of the matter told Reuters, as it continues a cost-cutting drive aimed at protecting its dividend.

The redundancies will mainly impact sales and advisory staff in the lender’s global banking and markets divisions, the source said, with affected staff being informed this week.

A spokesman for HSBC declined to comment.

The cuts reflect several weeks of 2019 budget planning by the bank’s senior management team, the source said, which recently welcomed former Royal Bank of Scotland executive Ewen Stevenson as its new Chief Financial Officer.

Reporting By Sinead Cruise and Lawrence White, Editing by Rachel Armstrong

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