Investment Banking

HSBC’s overhaul to cost $1.8bn as investment bank jobs in firing line

The UK lender is cutting employee costs by 8% by stripping out duplicate roles. Its new corporate and institutional division is likely to be a key target

Georges Elhedery, chief executive officer of HSBC, is on a mission to transform the bank
Georges Elhedery, chief executive officer of HSBC, is on a mission to transform the bank Photo: Paul Yeung via Getty Images

Follow FN on WhatsApp for the latest news

HSBC is set to book $1.8bn in severance costs over the next two years as the UK lender embarks on a sweeping overhaul that will slash jobs under new chief executive Georges Elhedery.

WSJ Logo