HSBC cuts 100 investment bank jobs

By Anjuli Davies and Lawrence White

LONDON, Jan 20 (IFR) - HSBC began cutting around 100 senior jobs in its investment banking division worldwide last week, according to sources with direct knowledge of the matter.

The cuts affect bankers at managing director and director level in its global banking and markets division, the sources said, declining to be identified due to the sensitivity of the matter.

"We review on an annual basis performances across global banking and markets and make appropriate changes to strengthen and grow the business," a spokesman for the bank said.

The cuts follow a previous cull in the lender's global banking arm last May, as the business led by former Goldman Sachs banker Matthew Westerman looks to reduce costs.

Westerman, tipped by some insiders as a potential future HSBC chief executive, has made sweeping changes including cutting the jobs of dozens of senior bankers and restructuring the entire division.

Investment banks often trim jobs in January, as bosses review staff performance to decide how increasingly thin bonus pools should be allocated and which weaker performers they are prepared to let go. (This story will appear in the January 21 issue of IFR Magazine)