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[Bloomberg]
HSBC is set to begin job cuts in its investment banking division, starting in Asia next week, as part of CEO Georges Elhedery’s restructuring strategy. The layoffs will be staggered over several weeks and months, focusing on performance and operational streamlining, with significant reductions expected among senior staff. The bank is also winding down its M&A and equity capital markets activities in Europe and the Americas while retaining capabilities in Asia and the Middle East.
HSBC's Hong Kong shares fell 0.6% to HK$84.3, ending an eight-day streak of gains, amid reports of upcoming job cuts in its investment banking division as part of CEO Georges Elhedery's cost-cutting overhaul. The bank is expected to announce $1.5 billion in annual savings from its restructuring efforts, with its stock on track for the largest one-day percentage drop since January 23. Despite the decline, HSBC's shares rose 23.2% last year.
HSBC is set to initiate a new round of job cuts at its investment bank, starting in Asia and impacting employees globally, as part of CEO Georges Elhedery's restructuring efforts. The layoffs, based on performance and operational efficiency, will unfold over several weeks, with more details expected during the full-year results announcement on February 19. The bank anticipates a pre-tax profit of $31.7 billion for 2024, reflecting a 4.6% increase from the previous year.
HSBC is set to announce $1.5 billion in annual cost savings on February 19, following significant restructuring efforts. Under CEO Georges Elhedery, the bank is shifting its focus towards Asia, winding down M&A and equities businesses in Europe and the Americas to enhance profitability.
HSBC is set to initiate a new round of job cuts at its investment bank, starting in Asia and expanding globally, as part of CEO Georges Elhedery's restructuring efforts. The layoffs, which will be based on performance and operational efficiency, are expected to unfold over several weeks and months. The bank aims to enhance its leadership and market share in key growth areas, with further details on the restructuring to be revealed during its full-year results announcement on February 19.
HSBC Holdings Plc is set to initiate a new round of job cuts at its investment bank as part of a restructuring led by new CEO Georges Elhedery. The cuts will begin in Asia and are expected to impact employees globally, though the exact number of affected staff remains unclear.
HSBC is set to announce $1.5bn in annual cost savings as part of CEO Georges Elhedery’s restructuring plan, aimed at creating a more agile organization. The overhaul includes significant layoffs, particularly among senior management, and a withdrawal from non-core markets, including parts of its investment banking business. Despite these changes, the bank's headcount remains high, with 215,180 full-time employees as of September 2023.
HSBC Holdings PLC is underperforming among the UK's major banks ahead of its results announcement on February 19. Analysts are optimistic about its Asia-focused strategy amid rising US rates, but concerns linger over lower loan growth in Hong Kong and the need for clearer guidance on restructuring and financial targets. The bank plans significant cost cuts and a strategic shift to focus on Asia and the Middle East, reducing its investment banking presence in Europe and the Americas.
Insiders at HSBC Holdings plc have significantly increased their stock holdings, with a total of £4.2m in purchases over the past year, indicating growing optimism about the company's future. Notably, CEO Georges Bahjat Elhedery made a substantial purchase of £4.0m at £5.97 per share, below the current price of £8.82. Despite some selling, the overall trend shows insiders are net buyers, reflecting confidence in the company's prospects.
Georges Elhedery
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