HSBC Holdings Plc is currently undergoing a significant restructuring led by CEO Georges Elhedery. The aim of this restructuring is to revamp the bank's corporate and institutional banking division in order to improve operational efficiency.

This strategic shift demonstrates HSBC's commitment to streamlining its operations and adapting to the changing financial landscape. As part of this process, the bank has asked many managers to reapply for their positions within the newly formed division. Interviews are currently taking place, creating a competitive environment where senior staff from the commercial banking division are competing against their counterparts from the global banking and markets unit.

This restructuring is a clear indication of HSBC's dedication to enhancing its performance and aligning with the evolving financial industry. By requiring managers to reapply for their roles, the bank is ensuring that the most qualified individuals are selected to lead the newly formed division. This approach fosters a competitive atmosphere, driving employees to showcase their skills and expertise.