HSBC Holdings may reportedly be looking to push out underperformers

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Sources said no final decisions have yet been made.

Bloomberg reported, citing people familiar with the matter, that HSBC Holdings is planning to enocurage underperforming employees in its investment banking and wealth management divisions to leave following the bonus distribution cycle in the coming weeks.

The move is likely to affect staff including those at the managing director level.

According to the report, some bankers may receive minimal or zero bonuses this year, which would align HSBC Holdings with the practices seen among major Wall Street rivals.

The sources cited by Bloomberg added that decisions have not yet been finalised.

HRO has reached out to HSBC for comment.