HSBC (HSBA.L) has reduced its U.S.-based debt capital markets team by 10%, according to a Bloomberg News report published Thursday. The cuts are part of an ongoing effort to reduce costs following the announcement of a business revamp last October, the report stated, citing individuals familiar with the matter. HSBC is a multinational banking and financial services company. It provides a wide range of financial services to both individual and commercial clients.
The layoffs, which reportedly affected at least six individuals in New York, occurred on Thursday. The reduction in workforce reflects HSBC’s broader strategy to streamline operations and optimise its capital markets division. The company is adapting to evolving market conditions and focusing on improving efficiency across its global operations.
In response to the report, an HSBC spokesperson provided a statement to Reuters, noting the bank’s policy of not commenting on individual personnel matters. The spokesperson affirmed HSBC’s commitment to attracting and retaining talent as part of its high-performance culture. HSBC also expressed pride in the progress of its DCM franchise, despite the reported staff reductions.
The move signals a continued focus on cost management and strategic realignment within HSBC’s investment banking operations. While specific details of the revamp remain undisclosed, the staff reductions indicate a significant shift in the bank’s approach to its U.S. debt capital markets business.
