HSBC , has laid off around 40 investment bankers in Hong Kong, according to a person with direct knowledge of the matter, as part of a global restructuring exercise at the Asia-focused lender to cut costs.

Hong Kong’s biggest bank announced US$2 billion in a share buy-back programme and 87 US cents per share in dividend.

HSBC (HSBC), the Hong Kong- and U.K.-focused bank, expects to pay $1.8B over two years in severance and other up-front costs to transform the company into a "simple, more agile, focused bank" built on its core strengths,