Global banking and financial services company HSBC Holdings has laid off Rob Babich, the bank's chief foreign exchange spot dealer in New York, as well as four FX salespeople in London and New York, FX Week reports. The job cuts are part of an ongoing series of cost-cutting measures at the U.K. bank.

London-based Dean Heiden and Chris Bolton have left the bank, where Heiden was director in institutional sales and Bolton worked in FX sales to custody clients. In addition, Ted Mermel, who worked in FX and derivatives sales and Lily Han, an associate in corporate FX sales, have left the New York office of HSBC.

Click here for the story from FX Week.