And so it begins. Two weeks after reports that HSBC is planning to cut "hundreds" of jobs in its global banking and markets division globally, starting in June, cuts have commenced. Insiders say they're hurting in unexpected places.
One of the first divisions to feel the knife seems to be Securities Services, where several people were put at risk yesterday. Surprisingly, insiders say those given notice include client services staff - it's not all about the back office.
Nick Bruce, HSBC Securities Services' global head of business development for sovereigns and supranationals is understood to be among those put at risk. Bruce had been with HSBC for nearly 15 years.
Redundancies are also thought to have begun this week at HSBC in Japan and Australia, with more cuts in London expected before the end of June.
HSBC declined to comment. The bank is expected to focus its cuts on underperforming businesses across the trading, capital markets and advisory divisions according to the Financial Times. Banking intelligence firm Tricumen says HSBC's investment bankers (in ECM, DCM and M&A) are still very unproductive compared to rivals'.
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