cuts affect bankers at managing director and director level in
the lender's Global Banking and Markets division, the sources
said, declining to be identified due to the sensitivity of the
"We review on an annual basis performances across Global Banking
& Markets and make appropriate changes to strengthen and grow
the business," a spokesman for the bank said in an emailed
The cuts at HSBC follow a previous cull in the lender's Global
Banking division last May as the business led by former Goldman
Sachs banker Matthew Westerman looks to reduce costs.
Westerman, tipped by some insiders as a potential future HSBC
Chief Executive, has made sweeping changes including cutting the
jobs of dozens of senior bankers and restructuring the entire
Investment banks often trim jobs in January, as bosses review
staff performance to decide how increasingly thin bonus pools
should be allocated and which weaker performers they are
prepared to let go.
The latest round of cuts comes as HSBC bankers in its London
headquarters face uncertainty as the lender prepares for
expected disruption caused by Britain's exit from the European
HSBC Chief Executive Stuart Gulliver said on Wednesday the bank
could relocate staff responsible for generating around a fifth
of its UK-based trading revenue to Paris.
HSBC reports its full year earnings on Feb. 21.
The bank's shares have risen 3.3 percent this year, against a
2.2 percent rise in the STOXX European banks index <.SX7P>.
(Reporting By Anjuli Davies and Lawrence White; Editing by
[© 2017 Thomson Reuters. All rights
Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.