HSBC Cuts 10% of US Debt Capital Markets Team Amid Overhaul

HSBC cut 10% of its US-based debt capital markets team, continuing to cull costs after announcing a revamp of the business last October, according to people familiar with the matter.

At least six people in New York were let go Thursday, according to the people, who asked not to be identified discussing private information. The employees included one managing director, two directors, two associates and one analyst, according to one of the people.

HSBC unveiled a cost-cutting program last year as Chief Executive Officer Georges Elhedery tries to strip out layers of management and cut 8% of employee costs, aiming ...