HSBC plans to axe hundreds of investment bank jobs to help cut cost

Cull of more than 500 jobs could begin in weeks, people say

HSBC Holdings Plc is considering eliminating hundreds of investment banking jobs as Chief Executive Officer John Flint pressures the lender’s top managers to cut costs, according to people familiar with the plan.

At least 500 jobs could go within global banking and markets, although formal numbers have not been communicated, said the people who asked not to be named. Greg Guyett, who recently took sole control of global banking, will be pushing through cuts in his part of the business, one person said.

The reductions are expected to begin at the unit as soon as mid-June and will take place over the