HSBC gear up to chop off the jobs in Investment Banking Operations
As a part of the strategic overhaul for the improved profitability, HSBC has decided to cut down the jobs in the investment banking division. According to the given informations, the layoff will begin on Feb 17, 2025 in the Asian region and it will be effective around the globe but the number of employees who will be eliminated from their positions has not yet been revealed officially. This move will aim to broader the effort to streamline the operations and focus on the areas with advantages. With this layoffs, HSBC is preparing to report $1.5 billion in annual cost savings while revealing their full-year results on Feb 19,2025.
It is believed that this could help the bank to reduce their expenses and balance their competitiveness. Following that, HSBC has planned to concentrate on Asia and the Middle East, & to shut down the M&A (Mergers & Acquisitions), Equity Capital Markets operations in the UK, Europe and the US.
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