HSBC - Credit Bloomberg
The cutbacks were not focused on any particular business or location.
Wednesday 06, February 2019
(Bloomberg) --HSBC Holdings will start eliminating at least 50 jobs in its global banking and market unit this week as part of an annual performance review of its staff.
The affected employees from across HSBC’s investment banking division will lose their jobs in the coming weeks.
The job losses were first reported by Reuters, which said the UK’s largest bank was eliminating roles following budget planning by the lender’s senior management team.
HSBC will report its annual financial results on 19 February. The bank employed about 49,000 staff in its global banking and markets division at the end of 2017, its annual report said.
The lender operates eight branches in the UAE.