HSBC Holdings PLC's (LSE:HSBA) new chief executive Georges Elhedery is mulling a cull of middle management, according to a report.
Under threat are several heads of country plus executives that report to Elhedery, Bloomberg reported.
Sources for the story emphasised that the plan is at a very early stage and could yet change.
HSBC’s cost base is regularly questioned by analysts who look at the bank. they have reportedly suggested it is too high relative to its peers.
Elhedery takes over at HSBC on 2 September when current chief Noel Quinn retires.
Quinn has already overseen thousands of job cuts and the sale of non-core operations.
US rival Citigroup recently said it was eliminating five layers of management and tens of thousands of roles.