HSBC eyes Western trading pullback

Business | Bloomberg 18 Oct 2019

HSBC Holdings (0005) may partially exit stock trading in some Western markets as part of a cost-cutting drive by Noel Quinn, the interim chief executive who wants the top job on a permanent basis.

Equities sales and trading units in France, Germany, the United States and the United Kingdom are likely to be scaled back, sources said. But Asian equities operations will not be affected by the review.

About 45 jobs are in line to be cut in New York, sources said.

The lender, which makes the bulk of earnings in the Greater China region, is embarking on the cuts as part of broader plans to reduce its headcount by many thousands across different businesses.

It also joins European firms including Deutsche Bank in pulling back from equities.

Chairman Mark Tucker is pushing for more radical action on costs, and it was he who installed Quinn in August after ousting John Flint as chief executive.

Britain's Sunday Times reported last weekend that HSBC was reviewing its global equity sales and trading.

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