HSBC Warns It Will Cut Senior Manager Roles in Revamp
- New CEO tells staff there will be reduction at senior levels
- Cuts to come after bank unveiled major restructuring this week
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HSBC Holdings Plc warned it will likely cut senior manager jobs as the lender embarks on one of its biggest restructurings.
“As we integrate the businesses, there will inevitably be a reduction in duplicated roles, particularly at senior levels,” Chief Executive Officer Georges Elhedery said in a memo to his staff.