HSBC cuts 134 bankers in major layoffs

Reports have revealed that HSBC conducted its largest employee layoff since the 2008 global financial crisis, dismissing 134 senior risk bankers. This number represents a 10% increase over the bank’s total risk staff and resulted in severance costs totaling $67.5 million. This move is part of a broad restructuring effort that includes shutting down investment divisions and reducing high-salary positions, aiming to cut costs and improve efficiency. The focus is on risk management and minimizing redundant roles. The pace of layoffs surpasses those carried out by major European banks since the COVID-19 pandemic and is part of a strategy to strengthen the bank’s financial position, impacting senior risk management staff.

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