Today could be the last day at HSBC for some investment bankers at Europe’s largest lender. Chief Executive Officer Georges Elhedery is wielding the knife again, starting his latest round of headcount cuts in Asia, according to people familiar with the matter. Layoffs are expected to begin next week and could last up to several months.

Some cuts are already under way, but wider layoffs will begin as early as Feb 17, sources said. Read more at straitstimes.com.

The redundancies will be staggered over several weeks and months, based on performance and to streamline operations.

The latest phase of cuts will start in Asia, but will ultimately affect employees globally, according to sources, who asked not to be identified discussing private matters.

HSBC told Bloomberg it was 'focused on increasing leadership and market share in the areas where it has the greatest opportunities to grow'. The bank said in October it would combine some commercial and investment banking businesses,