What is the goal of HSBC's cost-cutting program?

The cost-cutting program aims to save $1.8 billion by reducing employee costs by 8%.

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HSBC is scheduled to report its earnings on Wednesday.

Home / Business and Economy / HSBC Slashes US Debt Team by 10%

HSBC Slashes US Debt Team by 10%

Q: What percentage of HSBC's US debt capital markets team was cut?

HSBC reduced its US-based debt capital markets team by approximately 10%.

20 Feb

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Summary

HSBC eliminated 10% of its US debt capital markets personnel.
The layoffs followed a business revamp announced in October.
Cost-saving measures aim for $1.8 billion in savings.

HSBC has reduced its US-based debt capital markets team by approximately 10%, according to sources familiar with the matter. This recent action, which involved at least six individuals in New York being let go on Thursday, includes a managing director, two directors, two associates, and one analyst.

These layoffs are part of a larger cost-cutting initiative launched by Chief Executive Officer Georges Elhedery in October. The program aims to achieve $1.8 billion in savings through an 8% reduction in employee costs. Since Elhedery took the helm in 2024, the bank has consolidated its commercial and investment banking divisions, establishing UK and Hong Kong operations as standalone entities.

HSBC also withdrew from M&A and equity capital markets activities in Europe and the US, refocusing on Asian and Middle Eastern markets. The bank is scheduled to report its earnings on Wednesday, following strong fourth-quarter results from its US counterparts. Data from Bloomberg indicates HSBC has been a consistent top-10 underwriter for US corporate debt sales over the past three years.

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