By Anjuli Davies and Lawrence White
LONDON, May 31 (Reuters) - HSBC has begun cuttingsenior posts in its investment banking division in a cull thatcould lead to dozens of staff worldwide losing their jobs,according to sources with direct knowledge of the cuts.
HSBC began informing staff in its global banking and marketsdivision in London last week, one of the sources said, with afurther round of cuts this week expected to affect around 10senior people in the unit.
A spokesman for HSBC declined to comment.
The latest round of job cuts at Europe's biggest bank showsnew co-chief of global banking Matthew Westerman is making hismark, two of the sources said.
HSBC announced in February that Westerman would be joiningfrom Goldman Sachs to become co-head of global banking in itsinvestment bank, alongside Robin Phillips. The bank announced atthe same time it would enlarge the global banking unit bymerging its capital financing business into it.
Capital financing, which helped companies raise funds bydebt and equity offerings, had become a separate unit underSpencer Lake in a prior reorganisation in 2013.
Its integration back into the banking division has resultedin a number of duplicated and overlapping roles that are nowbeing eliminated to cut costs, the sources said.
HSBC said last June it would slash nearly one in five jobs,as Chief Executive Stuart Gulliver seeks to combat sluggishgrowth across the lender's sprawling empire.
Part of that cull involves cutting back risk weighted assetsin the investment banking and trading unit of the bank, known asglobal banking and markets, by up to one third. (Reporting By Anjuli Davies and Lawrence White, additionalreporting by Sophie Sassard, Freya Berry and Sumeet Chatterjeein Hong Kong; Editing by Rachel Armstrong and Susan Thomas)