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HSBC Considers Equity Pullback in London, New York, Germany

  • People familiar with the matter say jobs in France may also go
  • Review is part of overhaul of lender under interim CEO Quinn
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HSBC Weighs Equities Pullback in London, New York, Germany
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HSBC Holdings Plc may partially exit stock trading in some developed Western markets as part of a cost-cutting drive by Noel Quinn, the interim chief executive who wants the top job on a permanent basis.

Equities sales and trading units in France, Germany, U.S. and the U.K. are likely to be scaled back, according to people familiar with the matter, who asked not to be identified as the details are private. HSBC’s Asian equities operation isn’t affected by the review, the people said.