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HSBC financial services company is reportedly slashing more investment banking jobs in its Asian operations. It may axe dozens of additional jobs as deals in the region are sinking.
Reuters reported that sources who have knowledge of the matter said HSBC may cut about 20, bringing the total number to 30, this week. This comes just a day after the bank started laying off bankers in the region. It should be noted that these are new rounds of job cuts and not part of the earlier announcement.
Weak Deals and Market Slowdown
HSBC and its rival Morgan Stanley are terminating investment banking jobs in the Asia Pacific, and both are implementing the cuts this week. The companies cited sluggish markets and dull deal activities in China and Hong Kong as among the reasons for the layoffs.
Yahoo Finance mentioned that Morgan Stanley is slashing at least 50 jobs, which is 13% of its workforce in the territory. The companies said the weak activities are already weighing on their respective business prospects and operations.
Downsizing Within the Banking Sector
As per Hong Kong's The Standard Channel, in addition to Morgan Stanley, HSBC is joining other competitors, including Goldman Sachs, Citigroup, JPMorgan Chase, and UBS, in the list of financial organizations that have implemented several rounds of layoffs in the last 18 months, a period when stock sales and mergers have declined. Deal flow in China and Hong Kong, which are HSBC's core markets, is also especially sluggish.
Lastly, initial public offerings (IPOs) have been gloomy in HK, with profits sliding to their lowest number in more than 20 years in 2023. Unfortunately, these developments are forcing banking institutions to fire some employees.
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