HSBC Holdings plc (HSBC) Cuts 10% of its U.S.-Based Debt Capital Markets Team as Part of Ongoing Cost Reductions

HSBC Holdings plc (NYSE:HSBC) is among the 11 High Growth Financial Stocks to Buy Now.

On February 19, 2026, HSBC Holdings plc (NYSE:HSBC) cut 10% of its U.S.-based debt capital markets team as part of ongoing cost reductions following an overhaul of the business announced last October, according to Bloomberg’s Carolina Gonzalez and Michael O’Boyle, citing people familiar with the matter. At least six staff members in New York were let go during the week, including one managing director, two directors, two associates, and one analyst.

On February 5, 2026, Bloomberg reported that HSBC Holdings plc (NYSE:HSBC) is preparing to award little or no bonuses to some bankers and push underperforming staff to exit after payouts, including at senior levels. The report said the tougher stance reflects CEO Georges Elhedery’s effort to align pay and performance more closely with Wall Street peers.

Earlier in February, JPMorgan raised its price target on HSBC Holdings plc (NYSE:HSBC) to 1,190 GBp from 1,060 GBp previously and maintained a Neutral rating.

HSBC Holdings plc (NYSE:HSBC) provides banking and financial products and services globally through its Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments.

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