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Business Times
10 hours ago
- Business Times
HSBC cuts equities team in Germany as CEO Georges Elhedery continues revamp
[LONDON] HSBC Holdings is planning to let go of several staff in its Germany-based equities team as it continues to pare the investment banking division outside Asia and the Middle East. The London-headquartered lender is preparing to cut equities sales and trading jobs in the Dusseldorf office, according to sources familiar with the matter. The move is part of chief executive officer Georges Elhedery's effort to revamp the investment bank, the sources said, asking not to be identified discussing private information. Europe's largest financial institution has already culled dozens of analysts in its investment bank in the last couple of months and it has shut down its US, UK and European equity capital markets and M&A units. 'Equities sales and trading supports the growth of our Prime and Wealth businesses, facilitates equities distribution to the market and supports our global clients investing in equities in both developed markets and emerging markets,' an HSBC spokesperson said in response to questions about the cuts at the German unit. Since taking over as CEO last September, Elhedery has instituted a widespread overhaul of the bank that has involved creating four new divisions under what he has called his 'simplification' plan. He has also combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. BLOOMBERG
Straits Times
10 hours ago
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US condemns French inquiry into social media platform X
Find out what's new on ST website and app. The social media company last week denied the allegations, calling them 'politically motivated.' WASHINGTON - US officials issued a harsh condemnation on July 25 of France's criminal investigation into the social network X, owned by billionaire Elon Musk, on suspicion of foreign interference. 'As part of a criminal investigation, an activist French prosecutor is requesting information on X's proprietary algorithm and has classified X as an 'organised crime group,'' the US State Department's Bureau of Democracy, Human Rights and Labor wrote on their X account. 'Democratic governments should allow all voices to be heard, not silence speech they dislike. The United States will defend the free speech of all Americans against acts of foreign censorship.' Paris cybercrime prosecutors called for the police probe July 11 to investigate suspected crimes – including manipulating and extracting data from automated systems 'as part of a criminal gang.' The social media company last week denied the allegations, calling them 'politically motivated.' X also said it had refused to comply with the prosecutor's request to access its recommendation algorithm and real-time data. The investigation follows two January complaints that alleged the X algorithm had been used for foreign interference in French politics. Top stories Swipe. Select. Stay informed. Asia Cambodia calls for ceasefire with Thailand after deadly clashes Asia 'Nothing like this has happened before': At least 16 dead as Thai-Cambodian conflict continues Multimedia Lights dim at South-east Asia's scam hub but 'pig butchering' continues Business Banking and finance jobs will change but won't disappear as AI becomes the new normal: Accenture Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Asia Hottest 'ticket' in Jakarta? Young Indonesians compete for a slot at singing club Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly One of the complaints came from MP Eric Bothorel from President Emmanuel Macron's centrist party , who complained of 'reduced diversity of voices and options' and Mr Musk's 'personal interventions' in the platform's management since he took it over. X said it 'categorically denies' all allegations and that the probe 'is distorting French law in order to serve a political agenda and, ultimately, restrict free speech.' Tesla and SpaceX chief Mr Musk has raised hackles with his forays into European politics, including vocal backing for the far-right Alternative for Germany (AfD) party ahead of February legislative elections. 'Democracy is too fragile to let digital platform owners tell us what to think, who to vote for or even who to hate,' Mr Bothorel said after the investigation was announced. AFP
Business Times
10 hours ago
- Business Times
HSBC cuts equities team in Germany as CEO Elhedery continues revamp
[LONDON] HSBC Holdings is planning to let go of several staff in its Germany-based equities team as it continues to pare the investment banking division outside Asia and the Middle East. The London-headquartered lender is preparing to cut equities sales and trading jobs in the Dusseldorf office, according to sources familiar with the matter. The move is part of chief executive officer Georges Elhedery's effort to revamp the investment bank, the sources said, asking not to be identified discussing private information. Europe's largest financial institution has already culled dozens of analysts in its investment bank in the last couple of months and it has shut down its US, UK and European equity capital markets and M&A units. 'Equities sales and trading supports the growth of our Prime and Wealth businesses, facilitates equities distribution to the market and supports our global clients investing in equities in both developed markets and emerging markets,' an HSBC spokesperson said in response to questions about the cuts at the German unit. Since taking over as CEO last September, Elhedery has instituted a widespread overhaul of the bank that has involved creating four new divisions under what he has called his 'simplification' plan. He has also combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. BLOOMBERG
