LONDON (dpa-AFX) - HSBC Holdings plc. (HSBC) is set to begin a new round of job cuts within its investment banking sector, led by new Chief Executive Officer Georges Elhedery, Bloomberg reported citing people familiar with the matter.
According to the report, the Job cuts, starting in Asia, will extend globally, though the total number of affected employees is not yet clear. Initial layoffs have started in the markets division, with broader reductions across the investment bank expected to commence as early as Monday. These dismissals will occur over several weeks and months, focusing on performance and eliminating redundancies to streamline operations.
Since taking over in September, Elhedery has reduced his executive committee by about a third, aiming for a complete overhaul by June. HSBC will disclose more details on the restructuring during its full-year results announcement on February 19, the report said.
The report indicated that the restructuring strategy includes merging the commercial banking division with the global banking and markets unit and withdrawing from certain underwriting and advisory businesses in Europe and the Americas.
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