HSBC has announced plans to reduce global staffing costs by 8% as part of an initiative to save £1.2 billion by the end of next year. The cuts are expected to notably affect senior management within the wholesale corporate and institutional arm, with head offices likely facing reductions. While the exact number of job losses has not been disclosed, CEO Georges Elhedery highlighted a shift towards simplifying operations and creating a more agile organization, emphasizing growth, cost management, and a focus on customer outcomes in the future.
HSBC aims to cut costs by £1.2 billion by reducing global staffing costs by 8%, primarily affecting senior management and the UK head office.
Group chief executive Georges Elhedery emphasized that although jobs will be cut, they are focused on simplifying operations and building a more agile bank.
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