Heard morale is bad and no one is showing up. Any insider intel? Seems that posts from HSBC all disappeared despite the layoffs probably be massive and like largest in last 5-10 years in this industry.
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Based on the most helpful WSO content, HSBC has been under significant scrutiny and challenges in recent years. Morale has been reported as low, with employees expressing frustration and demoralization. For instance, an anonymous letter from senior HSBC bankers criticized the leadership, calling for their replacement and accusing them of persistent failure. Additionally, HSBC announced no bonuses for 2020, which sparked debates about fairness and performance-based rewards.
Layoffs have also been a recurring theme, with reports of HSBC planning to cut 10,000 jobs, marking one of the largest reductions in the industry over the past decade. This aligns with broader trends in the banking sector, where headcount reductions and cost-cutting measures have been prevalent.
If you're looking for more insider perspectives, you might want to check out threads like "Mutiny at HSBC: Bank Attacked in Anonymous Letter" or "HSBC to cut 10,000 jobs" on WSO for detailed discussions.
Sources: HSBC to cut 10,000 jobs, HSBC Announces No Bonuses for 2020, Mutiny at HSBC: Bank Attacked in Anonymous Letter, Why so serious?, HSBC Announces No Bonuses for 2020
bump
Drinking myself to sleep and injecting wegovy simultaneously
can I recommend some bottles that will ease the pain?
Bump
It's rough out here
In London saw two guys exiting to Partners Group and Evercore, TBC
Yeah those two were the only decent ones from that grad class tbh.
Those bastards left before the storm ensued. The analysts currently still here are screwed.
Any updates on Nyc office? Are they paying bonuses this year?
According to an article that came out, seems unlikely. If true and junior WFH Thursday, I’d assume bonuses not paid out.
Bonuses announced today. I am sure it is rough.
blood bath?
Bonuses and layoffs announced today.
How bad was it ?
how bad was it??
It’s brutal. Investment banking comes with minimum 80-hour weeks, unrealistic deadlines, and nonstop pressure—all year long. And then, just before payday, a blow like this lands. It’s unfair, and I really feel bad for my bros who have to deal with this.
Very few people at HSBC IB do 80 hour weeks. Most don't do 50.
Source: Multiple friends there.
Is it not illegal to fire people before a bonus is owed to avoid paying it?
Can’t you sue your employer?
Bonuses better than expected. Middle bucket for A2 was 78k
What about associates?
For people laid off getting promoted to associate, it was 75k. I heard senior associate was 150-200k for middle and top.
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