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HSBC is still hiring in Paris in spite of big layoffs

If you thought HSBC’s hiring had frozen in Paris, you might be in for a shock.

The bank added Sebastien Waymel last week to its team in the city. He joined the bank, in Paris, after 23 years with French investment bank Kepler Cheuvreux. Waymel was most recently its European sector head for industrials & materials, based in London. He’ll be an equity trader for HSBC.

HSBC cut nearly 40% of its global banking and markets (GBM) staff in Paris back in 2020, a (disproportionately large) part of the huge 35,000 layoffs announced in the same year. Cutting a small city’s worth of staff from a medium-sized city’s worth of people is never easy, and cuts are still ongoing.

The bank has, notably, been cutting in mature markets and growing in high potential ones. UK and Hong Kong footprints have gone down significantly in the past decade – and France is likely part of that same trend, given the bank’s historically substantial GBM presence in the city.

Hiring in Paris seems to be quite fashionable at the moment. Morgan Stanley has ben cutting worldwide (on a relatively small scale) but plans to increase its presence in the city from around 300 to around 500. Local boutique Altamoda has been hiring bankers. JPMorgan, meanwhile, has been boosting its AI team in the city.

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Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.

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AUTHORZeno Toulon

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