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HSBC reveals plans to cut jobs amid bid to slash costs by £1.2bn
HSBC has announced a cost-cutting initiative aiming to save $1.5 billion by 2026, following a pre-tax profit of £25.6 billion in 2024. Under CEO Georges Elhedery, the bank is restructuring to enhance profitability, with plans to reduce global staff costs by 8%, particularly affecting senior roles and the UK head office. HSBC is also exiting mergers and acquisitions in the UK, Europe, and the US. Additionally, the CEO's pay package is set to increase, subject to shareholder approval. The bank anticipates incurring $1.8 billion in severance costs and will redeploy $1.5 billion from non-strategic areas to competitive sectors.
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