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HSBC Holdings (NYSE:HSBC) incoming CEO Georges Elhedery is weighing a plan to cut layers of middle management at the bank, following in the steps of competitors Standard Chartered (OTCPK:SCBFF) (OTCPK:SCBFY) and Citigroup (C), according to a media report.
Europe’s largest bank may eliminate a number of country heads from its global network, Bloomberg reported late Tuesday, citing people familiar with the talks. Elhedery also may implement changes affecting executives and roles reporting to him after he steps into the CEO role next month, they said.
The plans to streamline HSBC’s (HSBC) operations are in a very early stage and could still change, the people told Bloomberg.
The focus on the bank’s organizational structure follows earlier efforts to offload chunks of business that it didn’t consider core. In March 2024, HSBC (HSBC) completed the sale of its Canadian bank to Royal Bank of Canada (RY) and the sale of its French operations to My Money Group in January 2024. Bloomberg reported earlier this month that it’s seeking to offload its businesses in South Africa.
