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Bloomberg
HSBC Holdings Plc cut about 10 banking jobs in Japan and Australia, eliminating the merger advisory teams based in those countries.
The London-based bank will instead serve clients out of Hong Kong, Singapore and Southeast Asia, the person said, asking not to be identified because the matter is private. The debt capital markets group and sector teams were largely unaffected, they said.
“Business and function lines constantly reevaluate their needs to ensure they have the right roles in the right locations to deliver for our customers and stakeholders,†the bank said in an emailed response to questions, without commenting specifically on the cuts.
HSBC is one of several European lenders eliminating roles in recent months, including Deutsche Bank AG, Barclays Plc and Societe Generale SA. The bank, whose Chief Executive Officer John Flint stepped down earlier this month, has said its plans to eliminate more than 4,000 positions, with senior executives a focus of the cuts.