HSBC axes top managerial posts in investment bank

Last month, the bank announced a temporary hold in redundancies.

HSBC has slashed a number of top management roles in its investment banking arm despite putting its job cut programme on hold, reports Reuters.

The reshuffle includes cutting the regional head roles of the Global Banking & Markets (GBM) business which houses HSBC’s investment banking activities. As a result, GBM APAC head Gordon French will take a six-month sabbatical, whilst Americas head Andre Bandao will stay until the end of the year until a notice is made.

Europe GBM head Thierry Roland will leave his post for a unit focussed on asset disposals.

Last month, CEO Noel Quinn announced a temporary hold to 35,000 redundancies across the bank amidst the pandemic.

HSBC’s British and Chinese offices have been severely affected by the pandemic, as cuts across central bank interest rates worldwide have constrained its profits and dividend payout halts have resulted in a shareholder turmoil in Hong Kong.

Here’s more from Reuters.