HSBC is cutting as many as 15% of its 2,000 senior operations managers worldwide, as it attempts to streamline its management ranks and reduce costs, two sources with knowledge of the matter said.
A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. REUTERS/Tyrone Siu/File Photois cutting as many as 15% of its 2,000 senior operations managers worldwide, as it attempts to streamline its management ranks and reduce costs, two sources with knowledge of the matter said.
HSBC, which used to position itself as the world's local bank, employs many COOs because country and business lines have their own separate COO, the sources said.The lender has been shrinking its sprawling global business for several years, downsizing in many regions and exiting some countries entirely as it tries to improve shareholder returns.HSBC has identified $1.
Incoming finance officer Georges Elhedery has been involved in the project to trim management headcount, the sources said. Three separate sources confirmed job cuts were underway, as HSBC joins a chorus of other western banks axing staff as a bleak global economic outlook weighs on business, consumer and investment banking revenues.HSBC slightly increased its full-time staff during 2022, its third quarter earnings showed, with headcount rising by 378 to 220,075 at Sept. 30 compared with Dec. 31 last year.
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