HSBC cuts analysts’ jobs in investment banking overhaul

HSBC Holdings has laid off more than two dozen analysts, including global head of fixed income research Steven Major, as part of a broader restructuring aimed at boosting investment banking efficiency, sources said. Most cuts occurred in Europe, and the bank is now combining macro strategy functions across asset classes. Murat Ulgen will serve as interim head of macro strategy, while Eliot Camplisson and Raj Sinha become co-heads of global equity research. The overhaul, led by CEO Georges Elhedery, follows recent moves to consolidate commercial and investment banking operations and shutter M&A and equity underwriting in key Western markets. HSBC expects USD1.8bn in restructuring charges over two years, as it reallocates resources to higher-yielding segments like private credit and corporate advisory.