HSBC (HKG:0005) is planning to lay off several equities sales and trading staff in its Düsseldorf office, Bloomberg News reported July 25, citing people familiar with the matter.
The move is part of CEO Georges Elhedery's broader investment bank revamp, which has already seen analyst job cuts and the closure of equity capital markets and M&A units in the US, UK, and Europe, according to the report.
Since taking over in September, Elhedery has launched a "simplification" plan that includes merging commercial and investment banking units and creating standalone UK and Hong Kong businesses, it added.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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