Daily Business Report

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HSBC Considers Slashing Equity Desks In London, New York, Germany Posted: 18 Oct 2019 06:33 AM PDT A mass exodus could be developing among major financial institutions, who seek to divest their equity sales and trading units. Deutsche Bank and Nomura have already made it clear that they're reviewing their trading cash equities units because of profitability concerns. Now HSBC might follow suit, sources told Bloomberg, adding that the bank could exit stock trading in Western markets as part of a significant overhaul program. HSBC could slash trading units in the U.S., U.K., Germany, and France, in the near term, the source said. The bank's Asian equities operations wouldn't be affected by the overhaul. HSBC will concentrate on the Greater China region, rather than Western markets in the 2020s, another source explained. HSBC Chairman Mark Tucker has spent the last several years restructuring the bank. He appointed Noel Quinn, the interim chief executive, in August, as a push to continue strengthening the bank through new, innovative cost-cutting measures. The strategy by HSBC could cut at least 45 traders in New York. Read the entire article

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