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Story summary
- HSBC has reduced its U.S.-based debt capital markets team by 10% as part of a cost-cutting initiative following a business revamp announced in October 2022.
- At least six employees in New York were laid off, including a managing director and two directors.
- CEO Georges Elhedery aims to save $1.8 billion by cutting management layers and employee costs.
- HSBC is shifting its focus to Asia and the Middle East, reducing its presence in M&A and equity capital markets in the UK, Europe, and the U.S.
- An HSBC spokesperson stated the bank remains committed to talent retention and the success of its DCM business.
