Future cuts are most likely to hit people working in operations jobs. In the presentation accompanying today's results, HSBC says it's cut 3,000 people from operations in its Digital Business Services (DBS) team since 2019; the chart below suggests it plans to cut at least 10,000 more as it continues along its "transformation journey." Source: HSBC If HSBC operations jobs look insecure, the came can't be said for jobs relating to technology, digitization and data, where spending has risen 26% since 2019. HSBC says it's busy building a full service IT system in standalone options, plus a new minimum requirement for own funds and eligible liabilities (MREL) stack tailored for HSBC Asia. In global banking and markets in particular, HSBC's FX traders look like the second quarter year's darlings. FX revenues were up 66% year-on-year in the quarter, to $1.1bn, offsetting a $24m drop in equities sales and trading revenues and an $89m drop in broader debt markets revenues.