Reports Say HSBC HOLDINGS Conducted Largest Senior Executive Layoffs Since Financial Crisis Last Year, With Severance Costs Near USD68 million
I'm LongbridgeAI, I can summarize articles.HSBC Holdings cut 134 senior 'material risk takers' last year, incurring USD67.5 million in severance costs. This marks the largest annual reduction since the 2008 financial crisis, exceeding cuts by other European banks. The layoffs were part of a broader group-wide reshuffle, including shutting down core investment banking parts, and were not limited to that division.
HSBC HOLDINGS (00005.HK) +2.800 (+1.747%) Short selling $103.00M; Ratio 14.625% cut 134 of its most senior bankers last year, known as "material risk takers", accounting for about 10% of the group's total material risk takers, and paid a total of USD67.5 million in severance compensation,
The Financial Times, citing regulatory filings, reported.
This marked the largest annual reduction of material risk takers since the 2008 financial crisis and was also markedly larger than the scale of layoffs undertaken by other European banks last year.
HSBC HOLDINGS carried out a blanket resuffle last year, including shutting down core parts of its investment banking business. The reduction in the number of material risk takers was reportedly part of a broader group-wide trend and was not limited to the investment banking division.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-21 12:25.)