The report made no reference to impact on the private banking side of HSBC.

HSBC, which will announce its full-year results for 2024 on 19 February, is making a fresh set of investment banking job cuts, Bloomberg reported, citing unnamed sources. New CEO Georges Elhedery is continuing to overhaul the UK-headquartered lender, which is also listed in Hong Kong. 

The latest round of cuts will start in Asia but will ultimately affect employees globally, the newswire said. It did not refer to the private banking side of the business, nor say how many people will be affected.

Some cuts are already under way in the firm’s markets' division but wider layoffs across the investment bank will begin as early as 17 February, the report said. The layoffs will happen over several weeks and months.

“As announced in October 2024, HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage and where it has the greatest opportunities to grow,” HSBC was quoted by the news service as saying.

As reported in January, HSBC announced a raft of appointments at its global private banking operations in Asia.