HSBC terminated investment bankers on the same day they were supposed to find out how much their bonuses were to be for 2024 and didn’t give payouts to many that were fired, the Financial Times reported Thursday, citing people with knowledge of the matter. 

The bank said in January it would wind down its mergers and acquisitions and equity capital markets businesses in Europe, the UK, and the U.S. as part of a significant restructuring strategy

According to the report, the people said staff at the vice president level and above at the investment banking unit who lost their jobs due to the restructuring did not receive bonuses. 

“It’s very unlike HSBC,” one of the people was quoted as saying, and that HSBC had “a

reputation for looking after [its] people.” 

Last month, HSBC announced a target of $300M in savings this year and slashing $1.5B in costs by the end of 2026. 

HSBC did not immediately respond to a request for comment by Seeking Alpha.