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HSBC moves to de-duplicate governance by cutting senior roles

News • 30th Oct 2024 • 2 Min Read

HSBC moves to de-duplicate governance by cutting senior roles

Talent Management#HRTech#Layoffs#HRCommunity

Author: Samriddhi Srivastava Samriddhi Srivastava
692 Reads
Although he refrained from specifying the exact number of jobs to be cut, CEO Georges Elhedery recognized the necessity for a "de-duplication of governance."

HSBC is poised for significant restructuring, with its CEO, Georges Elhedery, announcing plans to cut senior positions as part of a strategy aimed at enhancing profitability and streamlining operations. During a recent call to discuss the bank's third-quarter results, Elhedery stated that the company would "move at pace" in its reorganization efforts.

Elhedery highlighted that the focus of the impending job cuts would primarily be on senior roles, which are seen as pivotal to achieving the bank's cost-cutting objectives. "You should expect most of the savings to revolve around severance," he explained, indicating that the reduction in senior roles is integral to the bank's plan to simplify its business structure.

While he did not disclose the exact number of jobs that would be eliminated, Elhedery acknowledged the need for "de-duplication of governance," suggesting that some senior positions would inevitably be reduced as part of the restructuring. He assured stakeholders that further details regarding these cost-cutting measures would be shared during the bank's full-year results presentation in February.

The reorganization comes in the wake of changes announced earlier this month, which aim to streamline HSBC’s operations into four main segments: Hong Kong, the UK, corporate and institutional banking, and a new international wealth and premier banking unit.

This restructuring will see the global banking and markets division disbanded, with its functions absorbed into a newly created corporate and institutional banking unit. Leadership changes will accompany this shift, with Greg Guyett transitioning to chair a new strategic clients group and Michael Roberts taking the helm of the corporate and institutional banking division.

Despite the substantial organizational changes, Elhedery emphasized that these steps do not indicate any plans for the bank to split up. "This does not signal in any way preparation or intention to split the group," he clarified.

The motivation behind these job cuts is underscored by the bank's rising operating expenses, which have increased by $1 billion in the first three quarters of the year, driven by heightened performance-related pay. This situation has prompted HSBC to reassess its operational model in a bid to maintain competitiveness in the global financial landscape.

As HSBC embarks on this ambitious restructuring, the implications for its workforce and future performance remain a critical focal point. The outcome of these changes will be closely watched, especially as the bank seeks to navigate the complexities of the modern banking environment while enhancing its operational efficiency.

With more information expected in February, the banking community will be keen to see how HSBC's plans unfold and what they mean for its strategic direction moving forward.

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