HSBC may make another round of job cuts before Christmas. Where else?
If you work for HSBC, and you've survived so far, you may feel secure in your seat. Sadly, this may turn out to be an unreliable sensation.
HSBC says it isn't commenting on "speculation," but multiple insiders at the British-based bank say that another round of job cuts is coming soon. Lists have allegedly been drawn up and names are in the hat. Some may discover their fates in October; others will allegedly only find out late in the year and will be let go before 2025 bonuses are paid in February/March.
If HSBC does cut staff before bonuses, it won't be the first time. Senior executives at the bank said it was making "thoughtful" cuts last November; in January 2025 HSBC announced it was pulling out of M&A and ECM outside of Asia and the Middle East. Affected bankers were then let go on the day they were due to receive their bonuses. Those cuts impacted people in front office banking roles. Following cuts across equities sales and trading, future cuts are likely to impact people in areas like technology.
HSBC may not be alone in cutting jobs later this year. Barclays is committed to cutting £500m in costs in 2025 and still had £150m to go at the end of the first half. Morgan Stanley is making job cuts which are expected to continue until February 2026 in New York at least.
On balance, though, cuts in the third and fourth quarters of 2025 may be less harsh than other years. Goldman Sachs, for example, reportedly decided against third quarter cuts after 700 people were let go between March and June (although a WARN notice posted in New York suggests 350 people were quietly dismissed at 200 West in August). And JPMorgan seems to be busy hiring senior bankers, even if it is cutting long-serving market strategists.
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