HSBC Holdings Plc is currently undergoing a significant restructuring led by CEO Georges Elhedery. The bank's corporate and institutional banking division is being revamped, resulting in a competitive environment among senior staff from the commercial banking and global banking and markets units.

As part of this process, several hundred managing directors and senior bankers are expected to be dismissed in the coming weeks. HSBC also plans to replace the general manager titles for its senior staff with managing director titles, bringing them in line with industry standards.

It is important to note that no final decisions have been made regarding the restructuring, and plans may still change. HSBC, headquartered in London, has a global workforce of approximately 215,100 employees.