LONDON (Alliance News) - Lender HSBC Holdings PLC is cutting senior investment-banking positions as part of ongoing plan to reduce costs across the company, the Bloomberg reported, citing people with knowledge of the matter.
Last year, Chief Executive Officer Stuart Gulliver outlined a three-year plan to pare back HSBC's global network by shutting money-losing businesses. The bank is targeting annual cost-saving initiatives of USD4.5 billion to USD5.0 billion by 2017, and the actions are expected to eliminate 25,000 jobs globally.
HSBC announced in February that Westerman would be joining from Goldman Sachs to become co-head of global banking in its investment bank, alongside Robin Phillips. HSBC would fold its capital-financing arm into the investment bank, and some of the job cuts are a result of duplication as the businesses are combined, the report said.
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HSBC Holdings (HSBA)