10:17 AM EDT, 07/02/2024 (MT Newswires) -- (Updates with HSBC ( HSBC ) comment in the third paragraph.)

HSBC Holdings ( HSBC ) is curbing hiring and asked investment bankers to reduce travel and entertainment expenses as outgoing Chief Executive Officer Noel Quinn aims to cut costs, Bloomberg reported Tuesday, citing people familiar with the matter.

The bank isn't replacing some staff who left in recent months and paused hiring in certain businesses, though client-facing roles are unaffected, the report said. Investment bankers are encouraged to have at least three client meetings a day during work travel, Bloomberg reported, citing some of the people.

"Servicing our clients is our priority and ensuring we have the right people in the right places," an HSBC ( HSBC ) spokesperson said in an email to MT Newswires. "We are working smarter and more efficiently as we leverage technology and continue to manage costs."

Shares of HSBC ( HSBC ) were little changed in recent trading Tuesday.

(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.)

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