London, Feb 20, 2026, 09:12 GMT — Regular session in progress.
- HSBC edged up roughly 0.3% in early London trading Friday. Over in the U.S., the bank’s ADR slipped overnight.
- HSBC has trimmed roughly 10% from its U.S. debt capital markets staff, Bloomberg reported.
- Attention shifts to the Feb. 25 results and what happens with the dividend decision.
Shares of HSBC Holdings Plc ticked up on Friday, with traders reacting to word that the bank has cut jobs in its U.S. bond-dealmaking arm. The London-listed stock moved 4 pence higher, roughly 0.3%, to 1,286 pence as of 08:39 GMT. Over in New York, the U.S. ADR slipped $1.26 to $86.84. (HSBC)
HSBC’s staffing shift lands right as it prepares to unveil annual results, with investors demanding hard evidence that cost controls are holding up. Expenses are the most straightforward lever for major banks, but when those start to rise, markets don’t cut much slack.
HSBC plans to release its Annual Results 2025 on Feb. 25. Investors and analysts will get briefings that morning, while fixed-income analysts have a dedicated session scheduled separately. (HSBC)
Bloomberg News, citing sources, says the bank has let go of 10% of its U.S.-based debt capital markets group, trimming expenses months after last October’s restructuring announcement. The report points to at least six departures in New York. Asked for specifics, an HSBC spokesperson said, “We don’t comment on individuals.” (Reuters)
Debt capital markets desks put together bond offerings for both companies and governments. The work brings in fees—until the deals dry up. When the pipeline thins out, banks usually move to cut headcount.
HSBC announced in a Feb. 10 filing with the Hong Kong stock exchange that its board committee plans to meet on Feb. 25 to review final results and decide on a possible fourth interim dividend for 2025. If approved, the dividend would go to shareholders of record as of March 13, with payment scheduled for April 30, according to the notice.
Investors are eyeing the pace at which HSBC’s latest strategic moves start to impact its results. According to Morningstar’s Kathy Chan, revenue gains and cost reductions are likely to emerge slowly. Citi’s analysts, though, see the “normalisation” of Hibor—Hong Kong’s key interbank rate—as a positive for this quarter’s earnings. (The Edge Malaysia)
Cuts aren’t a one-way bet. Should the shake-up chip away at investment banking fees, or if numbers reveal credit losses climbing, the stock might have a tough time keeping up—even with expenses in check.
HSBC’s update could shape expectations around capital returns, as well as give clues to how executives view the impact of rates on margins. Traders are scanning for any signals that might alter the market’s stance on payouts or the buyback range.
