{"id":108256,"date":"2026-08-21T15:54:08","date_gmt":"2026-08-21T15:54:08","guid":{"rendered":"https:\/\/www.europesays.com\/britain\/108256\/"},"modified":"2026-08-21T15:54:08","modified_gmt":"2026-08-21T15:54:08","slug":"hsbc-spends-68m-on-biggest-cull-since-financial-crisis","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/britain\/108256\/","title":{"rendered":"HSBC spends $68m on \u2018biggest cull since financial crisis\u2019"},"content":{"rendered":"<p>HSBC cut its largest number of senior bankers last year, spending nearly $70 million in the process, the Financial Times has revealed. <\/p>\n<p>The paper\u2019s analysis of company filings showed that Europe\u2019s largest bank axed 134 of its most senior employees, described as \u201cmaterial risk takers\u201d, last year, totalling almost 10 per cent of its previous cohort.  <\/p>\n<p>The process cost the bank a total of $67.5 million in severance packages, and was its largest annual cull since 2008, \u201csignificantly\u201d exceeding cuts by other European lenders, the FT added. <\/p>\n<p>The cuts formed part of chief executive Georges Elhedery\u2019s ongoing transformation plan for the bank, which aims to make the bank \u201ca simple, more agile, focused bank built for a fast-changing world\u201d. <a href=\"https:\/\/www.fstech.co.uk\/fst\/HSBC_Chief_Elhedery_Says_Overhaul_Nearly_Complete_Despite_Profit_Fall.php\" rel=\"nofollow noopener\" target=\"_blank\">Elhedery said in May<\/a> that the overhaul was nearing completion. <\/p>\n<p>One person close to HSBC told the FT that the senior-level cuts were part of a \u201cbroader trend\u201d across the bank and were not confined to the investment bank. In May, Elhedery said that much of the cost reduction achieved by the bank was due to the \u201cdeduplication\u201d of senior roles across the group. <\/p>\n<p>The FT reported that these cuts contributed to the \u201cbiggest cull in high-paid bankers\u201d by large European lenders since the Covid pandemic in 2020, according to company filings.  <\/p>\n<p>Santander and Deutsche Bank reported the largest reductions after HSBC, cutting 49 and 48 material risk takers, respectively, with BNP Paribas shedding 39 and Barclays removing 32 over the same period.  <\/p>\n<p>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale had the largest average severance payout at \u20ac870,000, followed by Santander and Deutsche bank at\u202f\u20ac736,000 and \u20ac437,500 respectively.\u202f<\/p>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"HSBC cut its largest number of senior bankers last year, spending nearly $70 million in the process, the&hellip;\n","protected":false},"author":2,"featured_media":43751,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20667],"tags":[714,3343,22118,1886,1477,9881,21397,6240,44861,23305],"class_list":["post-108256","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hsbc","tag-banking","tag-barclays","tag-bnp-paribas","tag-careers","tag-deutsche-bank","tag-hsbc","tag-layoffs","tag-santander","tag-senior-bankers","tag-societe-generale"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117134312369172598","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/108256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=108256"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/108256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/43751"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=108256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=108256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=108256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}