HSBC announce more cuts to its investment banking sector
After reports of two Senior Executives leaving HSBC, the bank is believed to be restructuring its current workforce, meaning that more senior positions will potentially be removed from its investment banking unit. The reason given was to reduce costs, ultimately making the business more supple.
Five months ago, HSBC released a statement said it was looking to reintegrate its capital finance division into its global banking business. The recent news comes almost a year after the announcement that the bank was downsizing the investment bank employees by 1/3, in an attempt to retain profit, which came at the expense of 1 out 5 employees being made redundant. For this most recent redundancy announcement, HSBC have not released the figures on how many more employees this will affect.
Some of the changes expected to take place as a result of the restructuring is the bank will establish a more modern corporate banking unit, as the official release stated, so perhaps the redundancies won’t be as wide ranging as the 2015 restructuring.
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