HSBC plans major global job cuts, focusing on Asia and cutting Western operations, starting Feb 17.

HSBC plans to cut thousands of jobs globally, starting on February 17, as part of a restructuring aimed at focusing on Asia and reducing operations in Western markets. The job cuts, expected to affect around 40% of top managers by June, follow CEO Georges Elhedery's strategy to improve returns and operational efficiency. HSBC is also set to report a pre-tax profit of $31.7 billion for 2024, up 4.6% from the previous year, and $1.5 billion in annual cost savings.

5 weeks ago
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