Not a good sign.
Bloomberg News reports that HSBC will start eliminating at least 50 jobs in its global banking and market unit this week as part of an annual performance review of its staff, a person familiar with the matter said.
The affected employees from across HSBC’s investment banking division will lose their jobs in the coming weeks, the person said, asking not to be identified as the details are private. The person said the cutbacks were not focused on any particular business or location.
Bloomberg also reports that Goldman Sachs is considering plans to reduce the capital dedicated to its core trading business within the fixed-income group, a nod from the bank’s new chief that the business may not be as lucrative as in its glory days, according to people briefed on the matter.
The firm, which has been reviewing all business lines since David Solomon took over as chief executive officer in October, plans to devote more resources to lending to clients in the trading group to make its business mix more similar to rivals, said the people, who asked not to be identified because final decisions haven’t been made.