HSBC said cutting more jobs

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A new round of cuts coming ?

The New York Post reports that HSBC, which has been struggling to cut costs, is preparing to cut about 15 bond traders across New York, Europe, and Asia as soon as Monday, sources told the newspaper.

The trimming of the company’s bond desk comes as Wall Street has struggled to squeeze profits out of trading the assets while central banks around the world increasingly lower their benchmark rates, making them less lucrative.

The bank, run by outgoing CEO Stuart Gulliver, has been in cost-cutting mode for two years, and is trying to trim $5bn by the end of 2017.

Earlier this year, the bank said in an internal memo that it was instituting a hiring and pay freeze.

To access the complete New York Post article hit the link below:

HSBC plans more job cuts amid $5B budget cut

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