Today could be the last day at HSBC for some investment bankers at Europe’s largest lender. Chief Executive Officer Georges Elhedery is wielding the knife again, starting his latest round of headcount cuts in Asia, according to people familiar with the matter. Layoffs are expected to begin next week and could last up to several months.

HSBC told Bloomberg it was 'focused on increasing leadership and market share in the areas where it has the greatest opportunities to grow'. The bank said in October it would combine some commercial and investment banking businesses,

The redundancies will be staggered over several weeks and months, based on performance and to streamline operations.

Good morning. HSBC plans investment banking job cuts from next week. Trump proposes reciprocal tariffs that may start as soon as April. And we recommend six whiskeys that are worth splashing out on. Listen to the day’s top stories.