HSBC has initiated a cost-cutting restructuring that requires certain managers to reapply for their jobs, which could lead to hundreds of job losses across senior staff positions.
Internal recruitment for the newly formed corporate and institutional banking division has begun and is expected to result in a significant reduction of managing directors and other senior bankers.
As a part of simplification, HSBC will introduce separate management for Eastern and Western markets, overseeing operations in Asia-Pacific, the Middle East, UK, Europe, and the Americas.
New CEO Georges Elhedery emphasizes that reducing senior roles is integral to lowering costs, which is a priority for the bank's restructuring efforts.
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