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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.
HSBC is undergoing a significant restructuring, reducing its top management from 18 to 12 members and appointing Pam Kaur as its first female chief financial officer. The changes aim to create a more agile organization while maintaining focus on strategic priorities, with no impact on its Swiss operations, which will continue to expand in private banking.
Stephen Moss
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hsbc signals potential bonus cuts amid major restructuring efforts
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11:33 16.01.2025
hsbc restructures leadership appoints first female chief financial officer
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10:36 22.10.2024
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