HSBC is cutting back its 12,000-strong MENA workforce and we understand that its investment bank is likely to be included in the cuts.
Staff at the bank were informed via e-mail today that redundancies would be taking place in the Middle East as HSBC looks to strip out 30,000 jobs globally, according to a report on Arabian Business.
“HSBC is making some roles redundant and restructuring some others in the UAE. The bank will also continue to hire and invest in growth regions and businesses – and MENA is a growth region for the bank,” it told the newspaper.
The layoffs are likely to predominantly hit its retail and commercial banking businesses. However, we understand that its energy investment banking team, consisting of 3-5 people, have
been made redundant as HSBC instead runs the desk from London.
This is not the first headcount reduction by the bank in recent months. In February, Reuters reported that there are now just 10 relationship managers in its private bank, down from 50-60 18 months ago and that Mark Stadler, HSBC’s global market head for the MENA private bank, head relocated to London.
In April last year, the bank unveiled 360 job cuts in the MENA region, and it also shut down its retail brokerage functions.