Weekly Global News Wrap: HSBC to slash 100 equities staff, Bank of America plans to double its US market share

And JPMorgan is the latest bank to expand to Paris after Brexit.

From Reuters:

HSBC is cutting around 100 roles in its equities business with the bulk of the layoffs falling on its European trading floors, according to sources familiar with the matter.

Layoffs will affect equities research, sales, trading, and back office business departments, including a handful of staff in Asia.

The cuts to the bank’s stock-trading business offer one of the clearest indications yet of the strategy interim Chief Executive Noel Quinn is likely to announce when the bank reports full-year results on Feb. 18.

From Reuters: 

Bank of America chief executive officer Brian Moynihan said there’s still plenty of room to expand its consumer market share in the United States.

“Our market share in consumer is probably 12, 13, 14 percent, depending on who counts… the reality is, you can double that,” Moynihan told the Financial Times in an interview.

The CEO of the Charlotte, North Carolina-based lender added that he would not look overseas for retail growth, as it would take years for the bank to achieve a market share capable of giving it material deposits or revenue. It is the second largest bank in the US, with consumer banking its biggest business.

From Reuters:

JPMorgan is the latest investment bank to significantly expand its Paris hub as part of plans to relocate some services from London after Britain’s exit from the European Union, snapping up new premises in the French capital.

The US bank said it plans to buy a building in central Paris from France’s BNP Paribas to house up to 450 staff in coming years, allowing it to keep operating in the EU.

JPMorgan would have said “No” to a Paris move back in 2016, its French executive told Reuters, but government-led labor law and taxation reforms made it review its stance.