HSBC cuts 10% of US debt team as restructuring gathers pace

HSBC has cut about 10 per cent of its US-based debt capital markets team as part of an ongoing cost-cutting drive and broader restructuring announced in October 2024, according to media reports. At least six staff in New York were laid off on Thursday, Bloomberg reported, citing people familiar with the matter. Those affected included a managing director, two directors, two associates and an analyst. Europe’s largest lender by assets, and one of Hong Kong’s biggest banks, unveiled a sweeping...