HSBC Prepares to Cut Trading Jobs in Paris

(Bloomberg) — HSBC Holdings Plc is exploring plans to cut the jobs of almost all its Paris-based bankers working on structured derivatives products, according to people familiar with the matter.

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The move would affect the equity and fixed-income derivatives teams, the people said, asking not to be identified discussing private information. It’s not clear how many jobs will be affected. Europe’s biggest bank aims to cut 255 jobs throughout the 678-person French investment bank by early 2022, Bloomberg News has reported.

Some jobs will be moved to Asia, where most clients for those products are located, the people said, adding that the plans aren’t yet final.

The French cutbacks form part of a worldwide overhaul announced by Chief Executive Officer Noel Quinn last February, which aims to reduce gross risk-weighted assets by more than $100 billion and cut 35,000 jobs by 2022. London-based HSBC has focused particularly on

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Lufthansa CEO Prepares Staff for Deeper Job and Fleet Cuts

(Bloomberg) — Deutsche Lufthansa AG is preparing for more drastic cutbacks in its global workforce and airline fleet than it previously planned, after a hoped-for recovery of air traffic fizzled out.

Recent rules that forced travelers into quarantine have had a catastrophic effect on bookings, Chief Executive Officer Carsten Spohr told staff at a meeting on Tuesday, according to people in attendance. For October, seat reservations stand at less than 10% of year-ago levels, said the people, who asked not to be named discussing comments that weren’t publicly made.



a man wearing a suit and tie: Deutsche Lufthansa AG CEO Carsten Spohr Unveils Airline's New Logo


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Deutsche Lufthansa AG CEO Carsten Spohr Unveils Airline’s New Logo

Carsten Spohr

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A surge in European virus cases has forced Europe’s biggest airline to tear up its recovery plan and pare back its ambitions to cope with the deteriorating outlook. Lufthansa, which accepted a 9 billion-euro ($10.7 billion) German bailout in early June, now expects a recovery

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