HSBC, under new CEO Georges Elhedery, is initiating significant job cuts globally, starting in Asia's investment banking division on February 17. The bank aims to enhance leadership and market share where it sees competitive advantages. This restructuring includes a reduction of approximately one-third of its executive committee and affects around 40% of its top 175 managers. These cuts precede the upcoming full-year results announcement on February 19, with analysts projecting a $31.7 billion pre-tax profit for 2024, sparking both investor concern and speculative reactions in the market.
As announced on October 2024, HSBC is focused on increasing leadership and market share in the areas where it has a clear competitive advantage.
The latest round of cuts are expected to be completed by June, with about 40% of the company's top 175 managers being affected.
Collection
[
|
...
]