HSBC's restructuring requires over 100 managers to reapply for their jobs to cut costs and focus on wealth management.

HSBC is restructuring its banking division, requiring over 100 managers to reapply for their jobs. This move is part of CEO Georges Elhedery's plan to cut costs and improve efficiency. The bank aims to streamline operations and focus on wealth management, with plans to double UK assets under management in five years. The restructuring may lead to the dismissal of several hundred senior bankers, as part of a broader effort to adapt to global economic pressures and profit challenges.

November 18, 2024
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