The redundancies will be staggered over several weeks and months, based on performance and to streamline operations.

Today could be the last day at HSBC for some investment bankers at Europe’s largest lender. Chief Executive Officer Georges Elhedery is wielding the knife again, starting his latest round of headcount cuts in Asia, according to people familiar with the matter. Layoffs are expected to begin next week and could last up to several months.

HSBC Holdings Plc is kicking off a fresh round of job cuts at its investment bank as new Chief Executive Officer Georges Elhedery continues his overhaul of Europe’s biggest lender, according to people familiar with the matter.

HSBC Holdings Plc is set to initiate a new round of job cuts in it’s investment banking division, marking a continued restructuring to streamline operations and reduce costs under CEO Georges Elhedery.

HSBC is reportedly planning to lay off employees working for its investment bank as the lender continues its wider cost-saving strategy.

Citing people familiar with the matter, Bloomberg reported that HSBC will initiate a fresh round of layoffs at its investment bank as early as Monday.

Good morning. HSBC plans investment banking job cuts from next week. Trump proposes reciprocal tariffs that may start as soon as April. And we recommend six whiskeys that are worth splashing out on. Listen to the day’s top stories.