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HSBC HOLDINGS Said to Dismiss ~40 I-bankers in HK
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HSBC HOLDINGS (00005.HK) will dismiss nearly 40 investment bankers in Hong Kong, among which are four managing directors, Reuters’ IFR quoted people familiar with the matter as reporting. This layoff is reportedly part of the group's restructuring since CEO Georges Elhedery took over. The layoff list includes HSBC Asia-Pacific Head of Sustainable Development Bonds, Luying Gan; Managing Director of Debt, Venkat Rao; Asia-Pacific Head of Chemicals, Viet Phan; and Asia-Pacific Head of Consumption and Retail, Heidi Chan, report revealed. In addition, HSBC will, according to Financial Times, reveal a comprehensive restructuring plan in its annual results, resulting in annual cost savings of US$1.5 billion. Since Elhedery took office as CEO in September 2024, he has proposed a number of measures to streamline the structure, comprehensively reorganize trading and corporate advisory activities in the European and American markets, improve return rates, and further focus on Asia. HSBC HOLDINGS last added 1.6% at $86.9, with 15.829 million shares traded, involving $1.372 billion. AAStocks Financial News |
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