HSBC retreats further from global plans
HSBC is cutting at least 20 jobs from its corporate finance division in the latest sign it is dropping John Studzinski’s plan to build a global investment banking business.
The bank is shutting its general industrials and technology, media and telecoms investment banking teams. This follows similar cuts earlier in the year and the departure in May of Studzinski, who spent hundreds of millions trying to turn HSBC into a top-tier global investment bank.
TMT and industrials managing directors, including Gordon Eichhorst, former head of technology banking at Morgan Stanley, Axel Majert, former co-head of European telecoms at Deutsche Bank, and Jean-Michel Prach, previously head of Eurozone advisory at HSBC, could leave the bank.
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