HSBC Cuts a Dozen Investment Bankers in Asia on Deals Slump [BNN Bloomberg (Canada)]
HSBC Holdings, plc. (HSBC)
US:NYSE Investor Relations:
hsbc.com/investor-relations
Company Research
Source: BNN Bloomberg
The London-based lender cut around a dozen bankers across its investment banking division in Asia on Tuesday, one of the people said, asking not to be identified discussing a private matter. HSBC joined global rivals including UBS Group AG, Goldman Sachs Group Inc. and Citigroup Inc. that have already made several rounds of job cuts in Asia over the past 18 months as stock sales and mergers tumble. Dealflow in Hong Kong and China, HSBC's core markets, is especially sluggish as the world's second-largest economy has struggled to find a firm footing post-pandemic. A Hong Kong-based spokesperson said that the size of the bank's workforce will fluctuate in any given year and overall, its investment banking division delivered strong results during “a very challenging few years.” Initial public offerings have been depressed in Hong Kong, with proceeds slumping to the lowest in more than two decades last year. The money raised from IPOs fell another 29% in the first quarter to about $
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HSBC
Sec Filings
- 4/29/24 - Form 6-K
- 4/29/24 - Form 6-K
- 4/23/24 - Form 6-K
- HSBC's page on the SEC website