HSBC Holdings Plc warned it will likely cut senior manager jobs as the lender embarks on one of its biggest restructurings.
Logos sit illuminated on the HSBC Holdings Plc. headquarter skyscraper offices in the Canary Wharf business, financial and shopping district in London, United Kingdom.
Europe’s biggest lender on Tuesday unveiled a broad restructuring across different business lines and geographies as the newly appointed Elhedery embarks on an ambitious effort to cut costs at the bank. The lender will combine its global commercial and institutional banking operations under Michael Roberts. In its new geographic set up, HSBC will have an Eastern regional unit including Asia Pacific and the Middle East, and a Western market that includes its non-ring-fenced bank in the UK, Europe and the Americas. It also made Hong Kong and UK standalone units.
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