HSBC has got a lot of heads to cut. - The London-based bank is in the process of trimming 35,000 people from its workforce, and has let go of around 6% of its London staff so far this year. However, while the cuts continue, it's also pushing ahead with hiring in niche areas.
Late last month, HSBC launched its first quantitative finance associate programme in the UK. Applications for the two-year programme opened on October 30th and are due to close on January 5th 2021.
HSBC declined to comment on the programme, which is understood to be comparatively small and unlikely to accommodate more than a handful of people.
Recruits will need, 'a PhD or regional equivalent,' and can expect to be placed in technical roles across trading, sales, structuring and quant finance.
HSBC is late to the quant PhD hiring game - most other banks have had programmes for years. Goldman Sachs, for example, runs six month PhD Fellowship programs. JPMorgan this year began running a quantum computing internship for PhD students.
As HSBC cuts heads, it is continuing to hire quants and technologists. In September 2020 it recruited Justin Arbuckle from Scotiabank as global chief technology officer for wealth and personal banking and Annette Neeson as chief data officer for Hong Kong. It has also just begun hiring for a head of strategic digital solutions in its markets business, and for a head of technology transformation in wealth and private banking.
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