HSBC has started a programme of cutting dozens of jobs at its investment banking arm, sources report.
Reuters reports that the bank has started to cut some senior posts in its global banking and markets team, with more cuts expected worldwide across the division.
The move comes after Matthew Westerman joined from Goldman Sachs as co-chief of global banking, joining existing co-head Robin Phillips.
Westerman’s appointment was announced as the bank said it was merging its capital financing business into the global banking unit. The merger has created duplicate job roles, which has resulted in the cuts, says sources.
HSBC declined to comment.