HSBC made some harsh cuts to its senior sales team
It's not just Goldman Sachs that's cutting jobs. Other banks are also busy trimming headcount, but are doing so with somewhat less fanfare.
One of those banks is HSBC. The British bank still has an overhang of jobs to cut following its announcement of 35,000 job cuts nearly three years ago. In December, Reuters reported that HSBC was cutting 200 'senior operations managers' in an attempt to streamline its ranks. Some of those cuts appear to have hit non-operational managing directors in the bank's high yield sales and trading business.
We understand that at least four senior people were let go from the fixed income sales team in the week before Christmas. They include Andrew Mcmillan, an MD in UK credit sales, Rory O'Brien, the European Head of FX Sales, Markets & Securities Services, Will Higbee, a managing director in cross asset distribution, and Anthony Normand, the global head of client management.
HSBC declined to comment on the exits. The bank is due to report its fourth quarter results on February 22nd. Credit trading revenues fell nearly 30% in the third quarter, which might explain the exit of McMillan. However, O'Brien's removal is less easy to explain, given that FX sales and trading revenues were up 50% year-on-year.
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