HSBC Holdings PLC is thinking of partially scaling back its equities sales and trading units in France, Germany, the U.K. and the U.S., as part of interim CEO Noel Quinn's plan to reduce costs across the group, people familiar with the matter told Bloomberg News.
The review of the operations could result in roughly 45 staff redundancies in New York, but the bank's Asian equities division will not be affected, according to the sources.
The British lender's global equities division recorded $1.2 billion in revenue in 2018, down by $76 million from a year earlier, according to the newswire. The equities unit is part of HSBC's global banking and markets business, which itself has seen cuts across several divisions.
HSBC, which generates most of its revenues in the Asia-Pacific region, was reported to be laying off up to 10,000 jobs across the lender as part of Quinn's new cost cutting strategy. Quinn is eager to keep his role on a permanent basis and even informed Chairman Mark Tucker of his intentions in August.
Earlier in the week, sources told Reuters that the London-based banking group mandated U.S.-based investment bank Lazard Ltd. to launch a sale process for its retail division in France.