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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 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 is negotiating a pay package for CEO Georges Elhedery that could reach £15mn, following his appointment and a major cost-cutting initiative. His fixed salary would be halved, while performance-related pay could increase significantly. This potential package surpasses the £10.6mn received by his predecessor, Noel Quinn, in 2023. As part of the restructuring, HSBC plans significant job cuts and has seen the departure of Christina Ma, head of global banking for Asia Pacific, after less than two years.
HSBC Holdings PLC plans to exit its mergers and acquisitions and some equities businesses in Europe and the Americas to focus on the more profitable Asian market. CEO Michael Roberts emphasized a shift to a financing-led model, while the bank continues its global debt capital markets operations. This restructuring, led by CEO Georges Elhedery, aims to streamline operations and reduce costs, including potential cuts to retail operations outside the U.K. and Hong Kong.
HSBC Holdings is set to wind down its investment banking operations in the UK, Europe, and the Americas as part of a restructuring strategy aimed at creating a more competitive, financing-led model. The bank will close its mergers and acquisition advisory and equity capital markets businesses outside Asia and the Middle East, with CEO George Elhedery emphasizing a shift in focus towards Asia. While the exact number of job losses remains unclear, the announcement has left many employees unsettled.
HSBC is set to significantly reduce its M&A and some equities operations in Europe and the Americas, shifting focus to Asia in its largest investment banking retrenchment in decades. CEO Michael Roberts emphasized a move towards a financing-led model, retaining key capabilities in Asia and the Middle East. The restructuring raises questions about potential job cuts and the bank's ability to support its debt financing activities without M&A advisory services.
HSBC is implementing its largest investment banking retrenchment in decades, focusing on a more competitive, financing-led model primarily in Asia and the Middle East. The bank will retain its debt capital markets and leveraged acquisition finance operations globally while scaling back M&A and equity capital markets activities in the West. This strategic shift aims to enhance profitability and streamline operations amid a challenging investment banking landscape.
HSBC is set to exit key segments of its investment banking operations in the UK, US, and Europe, including mergers and acquisitions advisory and equity capital markets, as part of a restructuring plan by CEO Georges Elhedery. The bank aims to focus on its strengths in Asia and the Middle East, where it will retain certain financial services, while acknowledging that investment banking constitutes only 6% of its total revenues. This move is part of broader efforts to simplify operations and reduce costs amid changing market conditions.
HSBC is shutting down its payments app Zing just a year after its launch, following a strategic review. The app, aimed at young customers and international students, failed to expand beyond the UK and is part of the bank's simplification strategy under new CEO Georges Elhedery. This closure reflects the challenges traditional banks face in the competitive fintech market, as seen with other failed ventures like NatWest's Bó and Barclays' Pingit.
HSBC's closure of its international payments app Zing is set to put around 400 jobs at risk, including many external customer support roles. The decision follows a strategic review and reflects CEO Georges Elhedery's cost-cutting measures, as the bank aims to streamline operations and focus on areas with competitive advantages. Zing, launched just a year ago to compete with fintech rivals, will have its technology integrated into HSBC, with further job cuts anticipated in the coming months.

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