Senior shake-up | HSBC asks managers to reapply for their jobs in cost-cutting drive

HSBC is reportedly requiring hundreds of senior managers to reapply for their jobs as the bank’s CEO intensifies efforts to streamline operations and cut costs.

According to anonymous insiders who spoke to Bloomberg, interviews are already underway for the positions in the financial giant’s newly established Corporate and Institutional Banking (CIB) division.

The restructuring process is effectively creating competition between senior staff from HSBC’s commercial banking division and those from its global banking and markets unit, as they vie for positions within the combined CIB division.

This move forms part of a broader organisational overhaul under CEO Georges Elhedery’s leadership, aimed at addressing inefficiencies and reducing the bank’s substantial cost base.