HSBC chief executive Georges Elhedery plans to target the lender’s expensive layer of senior bankers in a cost-cutting restructure that will aim to save as much as $300mn, according to people familiar with the matter.
Elhedery is drawing up plans to merge HSBC’s commercial banking unit with its global banking and markets unit in his first big step to cut costs since taking the job last month.
Staff have not been given details of the plans, but preparations are at an advanced stage, with an announcement expected by the end of October. The targeted savings could change as the bank’s strategists work through the numbers.
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