Several hundred senior staff members at HSBC Holdings PLC (LSE:HSBA) are expected to lose their jobs amid a dramatic reshaping of the global lender’s corporate structure.
Bloomberg reported that hundreds of senior managers have been instructed to reapply for roles in its newly established corporate and institutional banking (CIB) division as part of a restructuring initiative led by chief executive Georges Elhedery.
HSBC is expected to discontinue its general manager titles, according to the report.
HSBC, which employs more than 215,000 people globally, announced a corporate overhaul in October whereby operations will be split from three into four businesses: Hong Kong, UK, corporate & institutional banking, and international wealth & premier banking.
“The operational changes announced today "will make it easier for our colleagues to serve our customers and drive the future success of the group", Elhedery said at the time.
When Elhedery took over the top position in September, he stressed that cost control would be a cornerstone of his leadership.
The bank reported higher profits than forecast in the third quarter and announced a new $3 billion share buyback.