HSBC Holdings Plc is preparing to announce job cuts in the near future as part of a rapid restructuring process led by new group CEO Georges Elhedery.
The layoffs will primarily impact senior-level positions, according to Michael Roberts, head of the bank's global wholesale banking division.
Roberts stressed that the restructuring will be carried out carefully and with the goal of completing the process quickly.
This move reflects HSBC's response to changing market conditions and efforts to improve operational efficiencies.