HSBC Holdings PLC has recently undergone a complete reorganization of all its operations that deal with investment banking in a bid to reduce costs and increase efficiency. The London based firm did an overhaul of its operations and even let go of some senior bankers in the process. This was revealed by one of the firm’s spokesperson who added that the sole purpose of the restructuring was to cut operational costs and bring together sector and product teams.
These changes have come after HSBC formed a global banking division earlier on in February. Furthermore, the firm hired Mathew Westerman, a former executive at Goldman Sachs to co-head the new division with Robin Phillips. HSBC is one of several banks that restructured their operations in a bid to cut costs. The changes were announced in two internal memos. Furthermore, HSBC also announced the appointment of the regional co-heads for its global banking section as well as the creation of a new advisory group that will bring together corporate finance and M&A. Groups that have overlapping clients were also combined.
The newly formed global banking division is one part of HSBC’s global markets and banking business that is headed by Samir Assaf. This division accounted for about $7.9 billion of the total $18.87 billion profit before tax received in 2015. Stuart Gulliver, the Chief Executive of HSBC had hinted in 2015 that the bank faced a huge challenge in 2016 as it tried to lower its operating costs and effectively keep them down. He also said that HSBC would strive to increase its total revenues. The bank has poised itself to counter weak economic conditions experienced in the Asian markets.
Martin Lustgarten is a successful financial professional and investment banker. He hails from Florida and currently lives in Ponte Vedra Beach. Today, he heads his own firm called Lustgarten, Martin as its CEO. He oversees all operations at the firm. He has successfully grown the firm from a small startup into a successful investment bank in Florida.
Martin is also involved in several philanthropic initiatives and is active on Facebook. His hobbies include juggling and collecting vintage items that please him. He also trades in beautiful vintage watches.
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