HSBC Holdings Plc is exploring plans to cut the jobs of almost all its Paris-based bankers working on structured derivatives products, according to people familiar with the matter. The move would affect the equity and fixed-income derivatives teams, the people said, asking not to be identified discussing private information, Bloomberg reports. Europe’s biggest bank aims to cut 255 jobs throughout the 678-person French investment bank by early 2022, Bloomberg News has reported. London-based HSBC has focused particularly on shrinking in France, where its retail division is up for sale. Both Societe Generale SA and Natixis SA, which recorded losses in the first half, have announced plans to adjust their equity derivatives businesses.

Source: The Standard September 21, 2020 05:37 UTC