HSBC is planning several hundred job cuts at its investment bank as it tightens its control on costs and braces for pressure on revenues and a deteriorating economic outlook.
The redundancies, which will start in June and should be completed by the end of the year, will be focused on underperforming businesses across the trading, capital markets and advisory divisions, according to a person briefed on the plan.
Details of the plan are still being finalised and have not been announced internally. The cost drive at the investment bank is part of HSBC’s “Project Oak,” which is trying to shift resources to the most profitable business lines, said the person.
