World Economy

HSBC to Cut Top Jobs

HSBC to Cut Top JobsHSBC to Cut Top Jobs

HSBC Holdings Plc is cutting senior investment-banking positions as part of the lender’s ongoing plan to reduce costs across the company, according to a person with knowledge of the matter, Bloomberg reported. The cuts reflect a gradual trimming of jobs, said the person, who asked not to be identified because the move hasn’t been announced publicly. Reuters earlier on Tuesday reported the reductions would affect dozens of employees. A year ago, Chief Executive Officer Stuart Gulliver outlined a three-year plan to pare back HSBC’s global network by shutting money-losing businesses and eliminating as many as 25,000 jobs.