Latest news with #HSBCHoldings
Bloomberg
4 days ago
- Business
- Bloomberg
HSBC Exits Business Serving Smaller US Firms in Latest Revamp
HSBC Holdings Plc is exiting a business that serves small and midsize US companies, as it continues an overhaul aimed at making the lender more competitive. 'Following a strategic review of our business, we have decided to exit our business-banking portfolio in the United States,' a spokesperson said in an emailed statement. The division has about 4,400 clients and serves firms with revenue of as much as $50 million.
Yahoo
27-05-2025
- Business
- Yahoo
HSBC Just Fired Dozens of Analysts--Here's What It Means for Global Markets
HSBC Holdings (NYSE:HSBC) just tore a page out of Wall Street's new playbookcut costs, go lean, and chase alpha where the growth still lives. The bank has let go of more than two dozen analysts, including fixed income veteran Steven Major, in what's shaping up to be one of the biggest research department overhauls in years. The shake-up sees macro teams across FX and fixed income merged under Murat Ulgen, while equity research gets new co-heads in Eliot Camplisson and Raj Sinha. HSBC once boasted one of the broadest research networks globally, covering 2,000 stocks. That footprint just got a lot smaller. Warning! GuruFocus has detected 8 Warning Signs with INTU. CEO Georges Elhedery isn't stopping there. Since taking over in September, he's been dismantling parts of HSBC's traditional investment bankshutting down M&A and equity underwriting in the US, UK, and Europe. Now, capital is being rerouted into hot zones: private credit and high-growth emerging markets. Ed Sankey, global head of ECM, is out. Greg Guyett, the former investment banking boss, is headed to the European Bank for Reconstruction and Development. The firm is trimming vice-chairman roles, too. Restructuring charges could run up to $1.8 billion over the next two yearsbut HSBC's betting it pays off. So what's left? HSBC says it'll keep some analysts in Europe, but mostly to cover global names tied to Asia and the Middle East. That's where the full-service investment bank lives now. Shares are up more than 10% this year in London, but the bank isn't out of the woodsits heavy Asia exposure means it's walking a tightrope between Washington and Beijing. Still, with a sharper focus, lighter structure, and deeper push into private credit, HSBC could be positioning itself for the next leg of growth where others have pulled back. This article first appeared on GuruFocus. Sign in to access your portfolio
Straits Times
27-05-2025
- Business
- Straits Times
HSBC cuts dozens of analyst jobs in investment banking overhaul
HSBC has culled more than two dozen analysts in recent days as it deepens a restructuring of its investment banking businesses PHOTO: AFP Singapore - HSBC Holdings has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter. Those affected by the move include Steven Major, HSBC's Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the people. As part of the sweeping changes, the London-based bank is combining macro strategy across asset classes including foreign exchange and fixed income, one of the people said. Murat Ulgen will now act as interim head of macro strategy in addition to his existing role as global head of emerging markets research, the person said. Meanwhile, Eliot Camplisson and Raj Sinha will expand their roles to become co-heads of equity research globally, and Janet Henry will continue to lead the global economics team, according to the person. The latest revamp comes as chief executive officer Georges Elhedery continues to streamline the lender to increase efficiency. Since taking the helm in September, he has combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. The CEO has also shuttered most of the bank's mergers and acquisition and equity underwriting operations in the United States, Britain and continental Europe. 'Our global research, equities sales and trading businesses are core to corporate & institutional banking,' a spokesperson for HSBC said in an emailed statement. Mr Elhedery's sweeping restructuring of the bank is expected to lead to US$1.8 billion (S$2.3 billion) in charges over the next two years. Billions more will be spent redeploying resources from lower-returning units to areas where the bank believes it has a better chance of earning higher revenues. Most recently, HSBC reorganised its capital markets and corporate advisory units into a new business in a move aimed at grabbing a larger share of the booming private credit industry. Ed Sankey, the bank's global head of equity capital markets, is among those departing, Bloomberg News has reported. Senior banker Greg Guyett is also poised to leave within months, Bloomberg has reported. The firm is in the process of trimming some vice-chairman roles that reported to Mr Guyett, the former head of the bank's global investment banking arm, according to people familiar with the matter. Shares of HSBC have gained more than 10 per cent this year in London. Still, as one of the world's largest trade financiers with a majority of revenue earned from Asia, HSBC is highly exposed to the global tariff war and growing tensions between Washington and Beijing. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
27-05-2025
- Business
- Business Times
HSBC cuts dozens of analyst jobs in investment banking overhaul
[SINGAPORE] HSBC Holdings has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to sources familiar with the matter. Those affected by the move include Steven Major, HSBC's Dubai-based global head of fixed income research, the sources said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the sources. As part of the sweeping changes, the London-based bank is combining macro strategy across asset classes including foreign exchange and fixed income, one of the sources said. Murat Ulgen will now act as interim head of macro strategy in addition to his existing role as global head of emerging markets research, the source said. Meanwhile, Eliot Camplisson and Raj Sinha will expand their roles to become co-heads of equity research globally, and Janet Henry will continue to lead the global economics team, according to the source. The latest revamp comes as chief executive officer Georges Elhedery continues to streamline the lender to increase efficiency. Since taking the helm in September, he has combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. The CEO has also shuttered most of the bank's mergers and acquisition and equity underwriting operations in the US, Britain and continental Europe. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Our global research, equities sales and trading businesses are core to corporate & institutional banking,' a spokesperson for HSBC said. Major did not respond to a request for comment on LinkedIn. Elhedery's sweeping restructuring of the bank is expected to lead to US$1.8 billion in charges over the next two years. Billions more will be spent redeploying resources from lower-returning units to areas where the bank believes it has a better chance of earning higher revenues. Most recently, HSBC reorganised its capital markets and corporate advisory units into a new business in a move aimed at grabbing a larger share of the booming private credit industry. Ed Sankey, the bank's global head of equity capital markets, is among those departing, Bloomberg News has reported. Senior banker Greg Guyett is also poised to leave within months, Bloomberg has reported. The firm is in the process of trimming some vice-chairman roles that reported to Guyett, the former head of the bank's global investment banking arm, according to sources familiar with the matter. Shares of HSBC have gained more than 10 per cent this year in London. Still, as one of the world's largest trade financiers with a majority of revenue earned from Asia, HSBC is highly exposed to the global tariff war and growing tensions between Washington and Beijing. BLOOMBERG
Bloomberg
27-05-2025
- Business
- Bloomberg
HSBC Cuts Dozens of Analyst Jobs in Investment Banking Overhaul
HSBC Holdings Plc has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter. Those affected by the move include Steven Major, HSBC's Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the people.
