HSBC has reduced its US-based debt capital markets (DCM) team by 10%, continuing its cost-cutting efforts following a major business overhaul announced last October, according to sources familiar with the matter.
At least six employees in New York were let go on Thursday, including one managing director, two directors, two associates, and one analyst, the sources said.
HSBC cuts 10% of US debt capital markets team amid overhaul
The cuts are part of a wider cost-reduction programme implemented by CEO Georges Elhedery, who aims to streamline management layers and reduce employee costs by 8%, targeting total savings of US$1.8 billion (RM7.03 billion). Since taking over in 2024, Elhedery has merged HSBC’s commercial and investment banking units and reorganised operations in the UK and Hong Kong into standalone businesses. The bank has also scaled back on M&A and equity capital markets activities in the UK, Europe, and the US, shifting its focus to Asia and the Middle East.
An HSBC spokesperson declined to comment on individual departures but emphasised the bank’s commitment to retaining talent and expressed pride in its DCM business.
HSBC is scheduled to report earnings on Wednesday, following strong fourth-quarter results from its US rivals. The bank has consistently ranked among the top 10 underwriters for US corporate debt over the past three years.
