HSBC's redundant researchers are railing against their fates: "I sign off after 20 years"

As we reported earlier today, HSBC's redundant equity researchers are not happy. There is talk of a "sh*t show". This a lot of talk of 25+ people being let go in London alone. Teams have allegedly been put at risk across areas including telecoms, chemicals, utilities and banks.  

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HSBC isn't commenting. The UK redundancy process involves a period of being "at risk" during which the redundancy procedure may - or may not - be revoked. Anyone at risk now may therefore end up keeping their job if something else is found internally or HSBC changes its mind. 

Those thought to be at risk include some of HSBC's most senior and long-serving equity research staff. People like Robin Down, a managing director covering the UK banking sector, who's been there 20 years, Kailesh Mistry, the global head of insurance and digital finance research, Edward Stanford, the head of European equity strategy, and Matthew Lloyd, the head of UK midcap research, are thought to have been warned about their futures. 

In private, some have venting their anger. "I sign off from this great institution after 20 years," says one. "Research management are rats who let this happen, basically to save their jobs." 

David May, the London-based global head of research, who seems to have kept his job, is the subject of some vitriol.

HSBC's researchers are emerging onto a difficult job market. Stifel already flooded London after closing its equities sales and trading business. Although HSBC's UK teams are well-regarded, senior people are expensive.  "It will be tough," says one headhunter. "The problem with research is that you either need an analyst with that coverage or you don’t. It’s hard to reshuffle things..." 

One well-ranked HSBC analyst said he'd been "totally dedicated" to ranking top in his sector for 15 years. "This is what your company gives you." 

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