LONDON – HSBC is preparing to lay off dozens of staff in its global banking and markets business, a source with direct knowledge of the matter told Reuters on Tuesday.
The British bank, which is conducting a cost-cutting drive aimed at protecting its dividend, declined to comment on the redundancies, which will mainly impact sales and advisory staff.
Those affected will be informed this week, the source said.
The cuts follow several weeks of performance reviews and planning for 2019 by the bank's senior management team, which was recently joined by former Royal Bank of Scotland executive Ewen Stevenson as its new chief financial officer.
The source, who declined to be named, said entire sales teams had been axed, with some members of staff leaving the bank's London headquarters in Canary Wharf on Tuesday.