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HSBC HOLDINGS Reportedly Targets Senior Bankers in Cost-Cutting Plan; US$300M Expected to be Saved
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HSBC HOLDINGS (00005.HK) CEO Georges Elhedery plans to target senior bankers in a cost-cutting restructuring, which is expected to save up to US$300 million, accounting only for 1% of the group's total costs last year, the Financial Times reported, citing informed sources. The report suggested that Elhedery is drafting a plan to merge HSBC's commercial banking division with its global banking and markets division as the first step in his cost-cutting efforts since taking office last month. The plan is expected to be announced by the end of this month, with the aim of eliminating overlap among senior personnel. AAStocks Financial News |
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