HSBC To Initiate First Round of Job Cuts In Coming Weeks As Lender Plans Major Overhaul

Washington: Hong Kong and Shanghai Banking Corporation (HSBC) is likely to start its procedure of job cuts across globe in days to come. 

In an interview with Bloomberg, Michael Roberts, President, CEO and Executive Director of HSBC rth America Holdings said that global lender is looking to restructure its operation in a quick phase manner with majority of layoffs at senior position levels. 

“We are very much aware that this is distracting, this is disruptive, so we are going to do this as quickly as possible,” Roberts was quoted as saying by Bloomberg TV. 

HSBC Plans To Initiate Layoffs With Special Focus on Senior-Level Positions    

“I’m talking weeks before we anunce first level followed by several or weeks. We’re going to be working very, very quickly,” he ded. 

Europe’s largest bank has embarked on a sweeping overhaul that combines global commercial and institutional banking operations under Roberts and creates a new international wealth and premier banking business that will be overseen by Barry O’Byrne.

revamp has been presented as an answer to persistent investor concerns over how HSBC can survive and thrive in a world of falling interest rates where increasingly large regional competitors and growing ranks of fintechs keep chipping away at its customer base. 

According to a report, Roberts runs HSBC’s business in US and Americas, having joined five years ago after more than three deces at Citigroup, where he was latterly its chief lending officer.

As part of restructuring, HSBC will implement a geographical overhaul, creating an Eastern regional unit that will encompass Asia-Pacific and Middle East, and a Western unit that includes its n-ring-fenced bank in UK, Europe, and Americas. Hong Kong and UK will operate as standalone units, report stated.