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HSBC Bloodbath: 20 Cut In New York, 130 World Wide

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Get ready to see those HSBC resumes. The bank cut twenty jobs from its bond group in New York, Bloomberg reports. Quite a few were very senior positions, including two managing directors and a co-head of government bond trading. This follows the reported dismissal of eight investment bankers in Asia.
Bloomberg reports:

HSBC Holdings Plc, Europe's biggest bank by market value, cut about 20 positions in its bond group in New York a day after the firm reported a drop in trading revenue, said two people with knowledge of the firings.
Pierre Goad, a London-based spokesman for HSBC's investment bank, confirmed there were dismissals. He wouldn't provide details on the number of job losses or the positions. The reductions were out of a group of 130 worldwide in bonds in New York, Hong Kong and London, according to one of the people.
The departures included Patrick Haskell, 34, a managing director and head of North American interest-rate sales and trading. Haskell, who joined last year from Credit Suisse Group, said in an interview that he resigned. He declined further comment. Michael Furman, 45, a managing director and co-head of rates sales, Greg Bartoli, 29, the co-head of government bond trading, and George Nunn, 38, a derivatives trader, also left. Furman declined to comment, while Bartoli and Nunn couldn't be reached.

HSBC Cut 20 Bond Trading Jobs in New York, People Say [Bloomberg]


Deutsche Bank Sinks Right Past HSBC

Getting caught money-laundering for the Iranians and drug cartels is pretty bad for business, as HSBC's 2012 results demonstrate. But coming into compliance with all these new banking regulations is even worse.