The bank has also been hiring too.
Reuters reports that at least 10 high-profile dealmakers in Europe have left HSBC in recent months at a time of record merger activity, after the bank failed to overhaul its investment banking unit and revamp client teams, four sources said.
Overall dozens of investment bankers have quit, including senior managers at the bank’s top performing European private equity team, the sources familiar with the matter told Reuters.
The departures reflect a growing sense of frustration over what the sources said was a lack of clear investment banking strategy at Europe’s biggest bank and its failure to rebuild a competitive team on the continent.
They also highlight the difficulties European banks face in catching up with Wall Street rivals, whose dominance in investment banking league tables has increased.
A spokesman for HSBC said the bank hired dozens of senior bankers recently, significantly outweighing the number of departures. The majority of the hires are based in North America and Asia, according to a list provided by the bank.