HSBC returns to cost-cutting plan

Preparations are at an “advanced stage” for HSBC to merge its commercial banking division with its global banking and markets unit, potentially leading to job losses in senior ranks as it aims to save up to $300 million. Despite previous attempts being halted due to Covid, the move is seen as a way to address frustration over slow cuts and focus on cost reduction in senior management. However, the savings would only make up 1% of the bank’s total costs, with challenges ahead in ensuring transparency for investors and growing the bank’s income amidst declining interest rates under new CEO Georges Elhedery.

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