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HSBC is cutting around 100 senior staff from its investment banking division worldwide. The bank began letting people go last week, Reuters reports.
Sources familiar with the matter told Reuters that the cuts affect employees at managing director and director level in the global Banking and Markets division.
Bloomberg reports that the layoffs are part of a harsher end-of-year review procedure, which includes more lucrative awards for top performers, while those at the bottom could see their compensation significantly reduced.
In an emailed statement, a HSBC spokesperson told Human Resources: “We review on an annual basis performances across Global Banking & Markets and make appropriate changes to strengthen and grow the business.”
In November last year, media reports revealed the bank’s plans to freeze pay for senior management. At the time, chief executive Stuart Gulliver did not confirm the plans and instead hinted at the possibility of more job cuts in 2017.
Photo / HSBC