HSBC Holdings CEO Georges Elhedery is contemplating cost-cutting strategies that focus on senior employees. This plan could potentially save the bank up to $300 million.
The initiative comes as HSBC considers merging its commercial banking and investment banking divisions. This merger aims to eliminate overlapping roles and primarily impacts senior positions, which are notably the most expensive.
The bank has already been restructuring its operations in Western markets such as the United States, France, and Canada, refocusing its efforts on Asia and more scalable markets.
