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Over the summer, Edward Sankey abandoned the sinking ship that is Deutsche Bank to become global head of equity capital markets at HSBC. Sure, HSBC had its problems, as would become very apparent within months of Sankey’s joining, but surely things couldn’t be as bad as they were at Sankey’s former employer.

And, truth be told, they’re almost certainly not. But they’re bad enough to require twice as many layoffs as those at Deutsche, and Sankey’s job is looking a lot less global.

HSBC Holdings PLC said it would cut 35,000 jobs and $100 billion in assets in the next three years as it scales back operations in the U.S. and mainland Europe, as well as its investment bank…. Chief Financial Officer Ewen Stevenson told journalists there would be “meaningful job cuts” in HSBC’s investment bank and headquarters in London.

Well, that’s unfortunate. The good news is that HSBC is going to double down on its fast-growing business in Asia….

HSBC has reduced its expectations for Asian economic growth in 2020 as a result of the coronavirus outbreak, Chairman Mark Tucker said. The bank said loan losses could rise and revenue could fall if the outbreak is prolonged.

Luckily on that front, Ray Dalio has fished a few coins out of the contemplation pond at Bridgewater HQ, and Ken Griffin from his couch, to make sure that doesn’t happen.

Billionaire Ray Dalio’s family charity and his hedge fund Bridgewater Associates LP are donating $10 million to help support China’s coronavirus relief efforts…. Citadel founder Ken Griffin’s hedge fund and securities firm have put up $7.5 million to help contain the deadly virus.

HSBC to Cut 35,000 Jobs and $100 Billion of Assets [WSJ]
Bridgewater, Dalio Donate $10 Million For China Virus Fight [Bloomberg]


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HSBC Encouraging Those I-Bankers Who Can To Leave And The Rest To Just Slack Off

Luckily, under its current plan, there will be no need for another awkward conversation on the matter next year.

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HSBC Violates Your Natural/Moral/Legal/Constitutional/Biblical Right To An HSBC Bank Account While Killing HSBC Employees

It definitely says “Thou shalt not cancel my checking account in absence of a mask” in one or all of those.

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HSBC Hires Last CEO

Noel Quinn won’t be saddled with the term interim when society finally collapses in a couple of weeks.

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Layoffs Watch ’19: HSBC C-Suite

The wholesale departures precede some additional wholesale departures.

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HSBC Really Doesn’t Like It When Mommy And Daddy Fight

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Making The ‘C’ In HSBC Stand For ‘Communist’

Party cells in multinational global finance companies’ offices in nominally Communist countries is exactly how Marx drew it up.