Hard morning at HSBC in London as bankers wait for the call

Today is the day that HSBC begins its first round of cuts in London. Its London bankers, many of whom are working from home, are waiting apprehensively for the call. 

"I have a call scheduled for later," says one. "It will either be to tell me my bonus or to let me know that I'm going now or in a few months' time."

HSBC is closing its UK, European and US equity capital markets and M&A teams. It's understood to have three lists: people going now; people going in the summer; people staying. People staying will receive bonuses. People going may receive nothing at all. People staying until the summer are expected to receive a project payment.

Some at the bank in London say they've been told they won't find out their fates until Monday. 

HSBC cut US people yesterday, including Alfred Traboulsi, head of investment banking for the Americas. In Asia, it cut nearly 50 people at all levels on Monday. There have been suggestions that recently hired analysts will be spared in London.

HSBC spent $1.4m (£1.1m) in total per head on its senior bankers and traders in 2024. Bankers staying in debt capital markets say their bonuses are disappointing. "We're wondering where all the money went," says one.

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