HSBC Cuts Over 24 Analysts in Europe Investment Banking Restructure

HSBC Holdings has laid off more than two dozen analysts, including Steven Major, the Dubai-based Global Head of Fixed Income Research, as part of a broad restructuring of its investment banking division. Most of the cuts have taken place in Europe, aligning with HSBC's strategic shift to streamline operations and increase cost efficiencies. The bank is merging its macro strategy teams across asset classes like fixed income and foreign exchange, appointing Murat Ulgen as interim Head of Macro Strategy while expanding the roles of Eliot Camplisson and Raj Sinha as Co-Heads of Global Equity Research. Janet Henry continues to lead the Global Economics team. Beyond research, HSBC is reorganizing its capital markets and corporate advisory units to focus on the growing private credit market and shutting down much of its M&A and equity underwriting units in the US and Europe. These changes reflect new CEO Georges Elhedery's efficiency drive and a broader strategy to focus more on Asia and profitable business segments.