Just a few weeks after that blueprint was unveiled, Elhedery revealed the bank would begin a painful round of job cuts in order to slash costs by $1.8bn by the end of next year. HSBC said it would reduce global staff costs by 8 per cent, with senior managers and those in the newly merged wholesale corporate and institutional arm particularly vulnerable to redundancy. The lender also warned that the UK head office would likely endure the worst of the cuts as it sought to expand in Asia. The ... HSBC Holdings Plc has initiated a major restructuring within its corporate and institutional banking division, requiring hundreds of managers to reapply for positions. This move, part of CEO Georges Elhedery's efficiency drive, will lead to job cuts in the coming weeks as the bank aims to reduce costs and streamline operations amidst pressure on profit margins. HSBC is preparing to commence job cuts within its investment bank as part of CEO Georges Elhedery's ongoing restructuring efforts. HSBC Holdings Plc is undergoing a significant restructuring of its investment banking operations, leading to the dismissal of over two dozen analysts, primarily in Europe. This revamp includes combining macro strategy across asset classes and leadership changes within research divisions. CEO Georges Elhedery's streamlining efforts aim to increase efficiency, with expected charges of $1.8 billion over the next two years.
