04:44 AM EST, 02/18/2025 (MT Newswires) -- HSBC Holdings ( HSBC ) has laid off about 40 investment bankers in Hong Kong as part of a global restructuring program to reduce costs, Reuters reported Tuesday citing unnamed people with knowledge of the matter.

The job cuts started on Monday with at least four managing directors being let go, according to the sources.

The most impacted investment banking sectors are consumer, resources and energy, as well as mergers and acquisitions, each of which laid off around five bankers, the report said.

About four dealmakers each were let go at the technology, media and telecommunications division and financial institutions group, while the healthcare and Hong Kong coverage teams also saw some job cuts, the source told Reuters.

HSBC ( HSBC ) did not immediately respond to MT Newswires' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)