(Breaking) HSBC to shutter some investment banking units in Europe/US
Can't imagine too many of us on here are HSBC fellows, but commiserations if you are...
HSBC to Shutter Some Investment Banking Units in Europe, US - Bloomberg
"HSBC Holdings Plc will wind down some of its investment banking operations in Europe, the UK and the Americas as part of Chief Executive Officer Georges Elhedery’s ongoing restructuring.
Europe’s largest banking group is set to withdraw from providing equity capital markets and advisory services outside of its core operations in Asia and the Middle East over the coming months, according to a memo seen by Bloomberg News."
Really unfortunate for those bankers that are being cut. Our new CEO has been on a tear ever since he got here
Is it just product bankers or are the industry bankers affected?
Going to be everyone it looks like
Pretty much everyone, including Dubai. M&A to be completely scrapped in Europe with significantly downsized sector teams staying to support mena/apac M&A albeit most of the focus being on financing
Anyone know what severance is like? HSBC bonuses are set to hit in Feb.
I thought bonus is announced Feb, paid out Mar. Severance from what I heard is 8 weeks
8 weeks is honestly very low...
8 weeks + 1 month notice
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