HSBC to cut dozens of top investment bank jobs

HSBC is reportedly set to cut 10 senior investment banking posts at its global banking and markets division in London this week as a part of the bank's plan to save $5bn by 2017. In addition, HSBC is moving 840 jobs to other locations in India, China and Poland as it restructures itself outside of the UK. The developments come after the bank appointed Matthew Westerman, a former Goldman Sachs executive, as is co-chief of global banking earlier this year.

HSBC to axe dozens of senior posts in its investment banking division

HSBC is set to axe dozens of senior posts in its investment banking division.

A total of 10 senior executives at HSBC's global banking and markets division in London are expected to lose their jobs as early as this week, sources told Reuters.

The round of cuts come after Europe's biggest bank appointed former Goldman Sachs executive Matthew Westerman as its co-chief of global banking, alongside Robin Phillips, in February this year.

The bank is set to appoint a new boss for its boardroom pay committee as current chair Sam Laidlaw is set to step down from the bank's board as early as next year, it was announced last week.

Earlier this month, the bank said its moving some 840 jobs to other locations around the world, including India, China and Poland as part of its plans to cut thousands of jobs in the UK as part of a major restructure.

In January this year, HSBC had to abandon a hiring and pay freeze after fierce protest from its staff. The bank said it aims to save $5bn (£3.5bn) by 2017 to improve its position.

A spokesman for HSBC declined to comment.