HSBC Cuts Over 50 Jobs in Investment Banking Division

(Bloomberg) -- HSBC Holdings Plc will start eliminating at least 50 jobs in its global banking and market unit this week as part of an annual performance review of its staff, a person familiar with the matter said.

The affected employees from across HSBC’s investment banking division will lose their jobs in the coming weeks, the person said, asking not to be identified as the details are private. The person said the cutbacks were not focused on any particular business or location.

The job losses were first reported by Reuters, which said the U.K.’s largest bank was eliminating roles following budget planning by the lender’s senior management team.

HSBC will report its annual financial results on February 19. The bank employed about 49,000 staff in its global banking and markets division at the end of 2017, its annual report said.

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