Job cuts at HSBC Holdings PLC (LSE:HSBA) have been extended to its investment bank functions in London, according to reports.
The bank is axing "hundreds" of jobs in London and other European financial centres as part of chief executive Georges Elhedery's streamlining plans, the Financial News website reported, citing insiders.
London dealmakers have recently been told about the redundancies, sources said.
Investment banking jobs were going as the group sees some of the functions as less of a priority under the next stage of Elhedery’s restructuring plan, with previous reports suggesting 40% of the bank’s 175 top managers will depart as well as more junior staff.
At the end of last year, HSBC announced a split into four operations divided geographically by east and west as part of US$3 billion in cost cuts.
In January the bank said it was looking to keep "more focused M&A and equity capital markets capabilities in Asia and the Middle East" and "wind down" those activities in Europe, the UK and the Americas.
In a memo to staff, HSBC directors said: "Our intention is to move to a more competitive, scalable, financing-led model."