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HSBC Cuts 20 From N.Y. Bond Group

HSBC has let go some 20 people in its New York Bond group and 110 more in other offices around the world. Seven people have also lost their jobs at the bank's U.S. equities unit.

Media reports note HSBC reported a drop in trading revenue earlier this week. Bloomberg says trading performance was disappointing to the firm. A spokesman told the news service the layoffs don't represent "a change in strategy. This is a routine alignment of resources to reflect the changing markets in which we operate.''

HSBC has also cut at least eight investment banking jobs in Asia, Bloomberg reports.

Last year, the investment banking unit increased its staff by about 1,400 people, which in turn increased expenses and impacted pre-tax earnings, though there has been some recovery recently.

AUTHORAnonymous Insider Comment
  • Th
    The one and Only Man
    18 April 2007

    You think this is bad? Try this; they let go go over 400 people from their subprime mortgage servicing department. HSBC is in shambles with it's senior managers. The longer these people stay in power, the worse the company is going to do.

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