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HSBC swings axe in global bond business

HSBC has slashed up to 130 jobs in its global fixed income business, with the most senior redundancies believed to be in the US.

Bloomberg reports that about 20 bankers are understood to have been cut in its New York office, with the most senior among them being managing directors Patrick Haskell, Michael Furman and Greg Bartoli.

Haskell ran North American interest rate sales and trading while Furman co-headed interest rates sales. Bartoli, who traded 10-year US Treasury notes, jointly ran the bank's North American government bond trading business.

All three joined HSBC in New York last year.

Further redundancies are expected to fall in HSBC's London and Hong Kong offices.

The development comes at the same time the bank has cut at least eight jobs within its Asian investment banking business.

Allen Chien, managing director and head of HSBC' transport team in Asia, and Wellington Chow, Taiwan country officer, are the most senior to have left the bank.

A spokesman for HSBC in London declined to comment.

In a trading update released two days ago, the bank confirmed revenues in the third quarter had slowed in its corporate, investment banking and markets divisions.

The bank said this was a result of reduced trading revenues, reflecting lower volumes from institutional and corporate clients during July and August.

The bank also said bad debts rose in the UK and in its US mortgage business.

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