Georges Elhedery is initiating a restructure at HSBC, aiming to cut costs by potentially eliminating senior bankers to save up to $300 million, highlighting a major shift in bank management.
Having recently stepped into the role of chief executive, Elhedery is focused on merging global and commercial banking units to cut down on management redundancy and streamline operations.
In its latest accounts, HSBC reported significant earnings and an average pay of £63,000 per employee, yet recognized disparities with over 500 employees in investment banking earning more than $1 million.
With the bank facing a reduction in net interest income due to falling base rates, Elhedery's cost-cutting measures come as it navigates a shifting financial landscape and aims for efficiency.
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