HSBC is preparing to lay off dozens of staff in its global banking & markets business, a source with direct knowledge of the matter told Reuters, as it continues a cost-cutting drive aimed at protecting its dividend.

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The redundancies will mainly impact sales and advisory staff in the lender`s global banking and markets divisions, the source said, with affected staff being informed this week.

A spokesman for HSBC declined to comment.

The cuts reflect several weeks of 2019 budget planning by the bank`s senior management team, the source said, which recently welcomed former Royal Bank of Scotland executive Ewen Stevenson as its new Chief Financial Officer.

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