Kapil Chadda, a Senior HSBC Holdings dealmaker for the Middle East, North Africa and Turkey (MENAT), will leave at the end of the year as part of a wave of job cuts across the region, reported Bloomberg.
He was appointed Vice Chairman of HSBC’s Global Banking Business for MENAT in September 2017 and has nearly 15 years of experience at the lender.
Chadda’s pending departure comes amid a fresh round of job cuts in the region as the lender seeks to reduce costs. In October 2019, Bloomberg reported that the global banking and markets and commercial banking units of HSBC may bear the brunt of the reductions scheduled to start November 2019.
HSBC is advising Saudi Aramco on what could be the largest ever share sale in the world. HSBC ranked seventh for advising on initial public offerings and fifth on mergers and acquisitions in the region since the beginning of 2015.