HSBC's new CEO, Georges Elhedery, is reportedly planning a significant restructuring effort aimed at saving up to $300 million. As part of this initiative, changes at the senior banker level are anticipated. This move follows reports from the previous month indicating Elhedery's efforts to integrate HSBC's commercial banking segment with its global banking and markets division.
The merger of these two units will create a combined department with 90,000 employees, positioning it as HSBC's largest revenue driver, expected to generate $40 billion annually. While specific details about the plan to reduce senior banking roles have not been disclosed to employees, preparations are underway, and an announcement is expected later this month.
