HSBC is cutting around 100 roles in its equities business with the bulk of the layoffs falling on its continental European trading floors, sources familiar with the matter told Reuters. The cuts are across the bank's equities research, sales, trading and back office business departments, the sources said, and will include a handful of job losses in Asia.

HSBC said it could not provide a comment as the bank is in a closed period ahead of reporting full-year results for 2019. The cuts come as the bank's interim Chief Executive Noel Quinn prepares to update investors on the lender's new strategy when it reports the results on Feb 18.