HSBC Cutting Top Managers in $300 Million Savings Plan

Management ranks at banking giant HSBC could soon begin to thin. The Financial Times (FT) reported Thursday (Oct. 10) that sources familiar with the matter say new CEO Georges Elhedery plans to restructure HSBC's senior banker level as part of a plan to save up to $300 million. Reports emerged last month that Elhedery is working on an effort to combine HDBC's commercial banking operations with its global banking and market business. This merger would create a combined vision with a staff of 90,000, and woul ...