(Feb 20): HSBC cut 10% of its US-based debt capital markets (DCM) team, continuing to cull costs after announcing a revamp of the business last October, according to people familiar with the matter. The employees included one managing director, two directors, two associates and one analyst, according to one of the people. HSBC also pulled back from M&A and equity capital markets in the UK, Europe and the US to focus on Asia and the Middle East. HSBC is set to report earnings on Wednesday after its US rivals posted strong results during the fourth quarter. The bank has been consistently among the top 10 underwriters for US corporate debt sales over the past three years, according to data compiled by Bloomberg.

Source: The Edge Markets February 20, 2026 00:32 UTC