London, November 19: UK-based HSBC Holdings Inc. has reportedly asked hundreds of its managers to reapply for the positions as the financial firm plans to restructure and cut costs. The reports said that soon, HSBC layoffs will be announced, and hundreds of these people would lose their jobs. Hongkong and Shanghai Banking Corporation Limited is one of the world's leading financial service companies that offers its customers including common people and businesses a wide range of services. 

HSBC reportedly asked its managers to reapply to the newly formed "corporate and institutional banking division" as  CEO Georges Elhedery plans to run the bank's operations more efficiently. The reports said that the financial firm started interviewing for various positions, which resulted in the staff competing with each other for the CIB division. Associated Press Layoffs: New York-Based News Agency Announces 8% Reduction of Its Staff To Adopt ‘Digital-First’ Approach, Cater Customers’ Needs.

The reports hinted that the merged division would lead to layoffs affecting hundreds of jobs in the coming weeks. The financial company is said to have already started involving senior staff from its commercial banking business and other candidates from the global banking and market units. While HSBC layoffs loom, the reports pointed out that the "general manager" titles would likely be phased out and replaced with "managing directors" at the firm. 

HSBC's total employees are around 2,20,000, according to the official website. Regarding the potential HSBC layoffs, the company did not comment. The newly appointed HSBC CEO, Georges Elhedery, introduced the combined plan. He started heading the operations of this global financial firm in October 2024. Boeing Layoffs: US-Based Aviation Giant Confirms Laying Off 2,199 Employees in Washington State Amid Its Plan To Reduce 10% Workforce Affecting 17,000 Employees.

After Elhedery's appointment, the biggest change was to simplify the company's operations globally and to include the creation of a new international wealth and premier banking unit. He said the cost would be saved by becoming a simpler, leaner and more efficient bank. The London-based banking corporation posted a 10% increase in profit in October 2024 to USD 8.5 billion. HSBC CEO Georges Elhedery said that "unfortunately", some of the colleagues would face redundancies as the company streamlined its "duplicative senior roles."

(The above story first appeared on LatestLY on Nov 19, 2024 05:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).