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HSBC Holdings Plc is preparing for potential bonus cuts amid a significant restructuring aimed at reducing costs by at least $3 billion, representing a 10% cut in its expense bill. Employees in corporate and institutional banking have been warned of disappointing payouts, contrasting with rising bonuses at European peers like Barclays and Deutsche Bank. The restructuring, led by CEO Georges Elhedery, is expected to take until June 2025, with details on its financial impact to be revealed alongside the bank's full-year results next month.
Colin Bell, who is set to leave his role leading HSBC Holdings Plc’s European operations at year-end, will join the board of Singapore-based Serendipity Capital as an independent non-executive director on November 1. Ruth Cairnie, a former BP Plc executive and current chairman of Babcock International Group Plc, will also join the board in the same capacity.
Colin Bell
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hsbc signals potential bonus cuts amid major restructuring efforts
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11:33 16.01.2025
colin bell joins serendipity capital board as independent director
08:00 29.10.2024
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