News | Wednesday, 01 October 2008

HSBC trims 1,100 jobs in investment banking division

HSBC has slashed 1,100 jobs in its investment banking division as the financial group tightened its belt due to the slump in the financial markets.
The cuts, equal to about 4 per cent of HSBC’s total employees in its global banking and markets division, came as investment banks around the world cut staff and trimmed costs in expectation of a continued slow-down in the business.
About 500 of the employees, including both front and back office staff and permanent and temporary workers, were based in London, with the majority of the remainder in Europe and the United States (US). Malta so far has not been affected.
The cuts, announced on Saturday, reflected HSBC’s gloomy prognosis for the world’s financial markets in 2009, although they also underscore the bank’s ambitions to focus its investment banking operations on emerging markets in Asia and the Middle East, where executives believe it has a competitive advantage and the greatest opportunity for future growth.
Many investment banks have quietly trimmed their workforces or imposed hiring bans this year as they responded to the market slowdown.

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