The bank, whose former Chief Executive Officer John Flint stepped down earlier this month, had plans to eliminate more than 4,000 positions, with senior executives a focus of the cuts.
Sunday 25, August 2019
HSBC Holdings has cut around 10 banking jobs in Japan and Australia, eliminating the merger advisory teams based in those countries, reported Bloomberg.
The London-based bank will instead serve clients out of Hong Kong, Singapore and Southeast Asia; however, the debt capital markets group and sector teams were largely unaffected.
The lender stated that business and function lines constantly re-evaluate their needs to ensure they have the right roles in the right locations to deliver for the customers and stakeholders, without commenting specifically on the cuts.
HSBC is one of several European lenders eliminating roles in recent months, including Deutsche Bank, Barclays and Societe Generale.