HSBC to cut jobs in London-based equities team
HSBC plans to cut jobs in its London-based equities division, in a further shake up to the UK office.
In the last two days, the holdings company informed staff of its plans to make cuts to the London equities team, Financial News first reported.
The job cuts are part of HSBC’s ongoing restructuring work, first announced in February 2020. City PM understands HSBC has not set a target figure for the number of job cuts.
The news comes as plans to “pivot to Asia” gain traction at the bank. Some senior Canary Wharf staff will move overseas to the likes of Hong Kong as the HSBC seeks to accelerate its presence in Asia.
Those executives are likely to include Greg Guyett, co-head of global banking and markets, Nuno Matos, chief executive of wealth and personal banking, and Barry O’Byrne, chief executive of global commercial banking.
Relocating the bank’s top brass would mean business divisions that account for around 95 per cent of HSBC’s global revenue will be run out of Hong Kong rather than London.
The bank will pump roughly £4.3bn into the region over the next five years, focusing mainly on its wealth management business in greater China as well as Asia more broadly.
HSBC declined to comment.