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Market Chatter: HSBC Axes Senior Employees for $67.5 Million in Severance Fees

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HSBC (HKG:0005) let go of 134 senior employees last year for a severance cost of $67.5 million, the Financial Times (FT) reported citing company accounts.

The axing of the employees, deemed material risk takers, who made up around 10% of the lender's most senior bankers, was the largest since the 2008 financial crisis, according to an FT analysis.

The move came as part of a larger restructuring of the lender's investment banking operations.

The dismissal of material risk takers is reportedly not limited to the investment wing, however, the FT said citing a person close to HSBC.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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