HSBC CEO Georges Elhedery is undertaking a major restructuring by requiring hundreds of managers to reapply for roles in the new corporate and institutional banking division.
This initiative is expected to result in several hundred job cuts, especially among managing directors, as the bank works to enhance operational efficiency amid external financial pressures.
HSBC has faced ongoing challenges with profitability and has cut its workforce significantly over the past 16 years in an attempt to streamline its operations.
Despite significant buybacks, HSBC's shares have underperformed compared to rivals, signaling continuing struggles in managing operational costs and improving financial performance.
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