HSBC plans hundreds of investment bank job cuts

Strategic plan: Private banking in Asia is one of HSBC’s priorities as Flint plans to expand in markets from Greater China to South-East Asia. — Reuters

London: HSBC Holdings Plc is considering eliminating hundreds of investment banking jobs as chief executive officer John Flint pressures the lender’s top managers to cut costs, according to sources.

At least 500 jobs could go within global banking and markets, although formal numbers have not been communicated, said the people who asked not to be named.