HSBC Restructures, Forcing Managers to Reapply for Jobs

The bank's cost-cutting measures could lead to hundreds of layoffs as it simplifies its global operations.

HSBC has initiated a restructuring process requiring managers to reapply for positions in a new corporate and institutional banking division.
This move is part of CEO Georges Elhedery's plan to enhance efficiency and reduce costs by approximately $300 million.
The restructuring will merge the commercial banking and global banking units, potentially resulting in hundreds of job losses.
The bank is also phasing out the 'general manager' title, standardizing senior roles as 'managing directors'.
HSBC's new structure will divide operations into Eastern and Western markets, starting in January, to streamline global management.