HSBC is reportedly cutting around 100 roles in its equities business, with the bulk of the layoffs expected to fall on continental European trading floors.
The cuts will be across the bank’s equities research, sales, trading, and back office businesses, Reuters reported, citing sources familiar with the matter.
The lender is planning to refocus its European equities business on its home market of the UK, the sources said, keeping its Paris trading hub to serve continental Europe.
The cuts come as interim chief executive Noel Quinn prepares to update investors on the bank’s new strategy when it reports its annual results on 18 February.
HSBC declined to comment on the reports, with a spokesperson saying the bank is in a closed period ahead of the results.
Quinn took over as interim boss in August following the shock departure of his predecessor John Flint, who was ousted after HSBC made insufficient progress in addressing some of its long-term problems, including underperformance in its US division and investment bank.
HSBC’s trimming of its equities business follows similar moves by the bank’s European competitors in recent years, with the sector coming under pressure as increasing digitisation and regulations helped squeeze margins.