HSBC Holdings reports a 10% reduction in the US Debt Capital Markets team

2026-02-20 12:12:25

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Bloomberg February 20 — According to sources familiar with the matter, after announcing a restructuring of this business last October, HSBC Holdings has cut 10% of its US debt capital markets team to continue reducing costs. The sources indicate that at least six people in New York were laid off on Thursday, including one general manager, two directors, two assistants, and one analyst.

Last year, under the leadership of CEO Georges Elhedery, HSBC launched a cost-cutting plan aimed at streamlining management levels and reducing employee costs by 8%, with a goal to save $1.8 billion. Since taking office in 2024, he has integrated HSBC’s commercial banking and investment banking divisions, while splitting the UK and Hong Kong businesses into independent operations. The group has also reduced its M&A and equity capital markets activities in the UK, Europe, and the US, shifting focus to Asian and Middle Eastern markets.

An HSBC spokesperson declined to comment in an email but said the bank is committed to retaining talent and is proud of its debt capital markets business.

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