HSBC to cut senior banker roles after a hike in profits – London Business News | Londonlovesbusiness.com

HSBC has revealed that they are to cut senior banker roles over the coming months after the bank announced almost a 10% hike in profits.

The bank is “moving at paces” following restructuring plans announced last week which will see the formation of “eastern markets” which will incorporate Asia, the Middle East and “Western markets,” along with UK the Americas and Europe.

It will also see geographical units reduced from five to two and the Chief executive Georges Elhedery said these changes will allow HSBC to operate more simpler and “faster” as those senior positions will be axed.

Elhedery said, “The primary reason for this reorganisation is to make us a simpler, leaner organisation with faster decision-making and stronger empowerment of our frontline people.

“There will inevitably be some de-duplication of frontline governance and therefore inevitably be the reduction of some senior roles in the organisation.”