Global banks are in the process of cutting at least 5,000 jobs as profits at lucrative investment banking units come under pressure from volatility in capital markets and fast-rising interest rates, according to a Reuters tally of reported cuts.
on Jan. 11 in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter told Reuters.
Just over 3,000 employees will be let go, the source, who could not be named, said on Jan. 9. A separate source confirmed on Jan. 11 that cuts had started. The long-expected jobs cull at the Wall Street titan is expected to represent the biggest contraction in headcount since the financial crisis.Under pressure from his biggest shareholder, China's Ping An Insurance Group, to improve profit, HSBC Chief Executive Noel Quinn has in recent months accelerated plans to shrink its global empire and streamline its management.
HSBC is shedding at least 200 senior managers as it prunes the ranks of chief operating officers it has across an array of country and business lines.for $10 billion, removing around 4,000 employees from its wage bill in a stroke. It also announced on Nov. 30 the sale of its much smaller New Zealand business, and the closure of a further 114 branches in Britain, leaving it with around a third of the outlets it had as recently as 2016.
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