As global banks from Credit Suisse Group AG to Goldman Sachs Group Inc. prepare for a fresh wave of job cuts, HSBC Holdings Plc is going on the offensive.
(Bloomberg) — As global banks from Credit Suisse Group AG to Goldman Sachs Group Inc. prepare for a fresh wave of job cuts, HSBC Holdings Plc is going on the offensive.
In a move that illustrates the cutthroat world of Wall Street, HSBC has been sending recruitment emails to bankers and other employees at firms facing job losses.
“Whether you were personally affected, or have colleagues that lost their jobs, layoffs are stressful and can be overwhelming,” the bank’s recruitment team wrote in an email seen by Bloomberg News. “We want to make it easy for you to find your next role.”
Credit Suisse staff who are leaving the bank in Europe and Asia were among those to receive the message, according to a person familiar with the matter, who asked not to be identified discussing private information. Employees at several firms that are cutting positions were contacted, a second person said.
HSBC is ramping up expansion in areas including Asia wealth management, while its smaller Swiss rival is in the middle of a major overhaul with plans to reduce about 9,000 positions worldwide by 2025. Wall Street firms including Morgan Stanley and Goldman Sachs Group Inc. are also among banks trimming staff this year as financial firms globally respond to increasing economic uncertainty.
An HSBC spokesperson declined to comment. A Credit Suisse spokesperson did not immediately respond to calls seeking comment.
Credit Suisse last week completed a $4.3 billion capital increase to fund its restructuring plan after the lender’s shares hit a record low. The turbulence has led to huge outflows and opened the door to rivals to pick up those who have left.
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
