Discover your dream Career
For Recruiters
HSBC has been cutting senior sales professionals.

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.

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Joshua Lawrence on Unsplash

author-card-avatar
AUTHORSarah Butcher Global Editor

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Capstone Investment Advisors (UK) LLP
2023 Investment Graduate Rotation Program
Capstone Investment Advisors (UK) LLP
London, United Kingdom
Pearse Partners
Hedge Fund Equity L/S Analyst
Pearse Partners
London, United Kingdom
Credit Flow Trader - London
London, United Kingdom
Python Quantitative Developer
New York, United States