HSBC has reportedly announced the dismissal of more than 25 analysts as part of a restructuring initiative aimed at enhancing operational efficiency.
This move also includes the dismissal of Steven Major, the global head of fixed income research, reported Bloomberg, citing people familiar with the matter.
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This move aligns with the bank’s ongoing organisational changes, which involve the integration of macro strategy functions across various asset classes.
Murat Ulgen has been appointed as the interim head of macro strategy while continuing his role as the global head of emerging markets research.
The leadership restructuring also includes Eliot Camplisson and Raj Sinha, who will now serve as co-heads of equity research on a global scale. Janet Henry will maintain her position as the leader of the global economics division.
These changes are part of a strategy initiated by CEO Noel Quinn, who has been implementing transformations since taking over in last September.
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By GlobalDataThis includes the consolidation of commercial and investment banking operations and the establishment of independent entities for the UK and Hong Kong markets.
HSBC has also scaled back its merger and acquisition operations, along with equity underwriting activities in the US, the UK, and continental Europe.
A spokesperson for the bank told the media outlet in an emailed statement, “Our global research, equities sales and trading businesses are core to corporate and institutional banking.”
Recent changes also include the merger of capital markets and corporate advisory units, aimed at bolstering HSBC’s presence in the expanding private credit market.
As part of this restructuring, Ed Sankey, the global head of equity capital markets, will depart from the bank.
Additionally, senior banker Greg Guyett is expected to leave in the near future, as HSBC continues to reduce the number of vice-chairman positions that were previously under the purview of the former global investment banking head.
In March this year, HSBC announced that its group chairman, Mark Tucker, plans to retire before the end of 2025. He joined the board in 2017 and has held the chairman position since October of that year.
