HSBC Cutting Top Managers in $300 Million Savings Plan

Group 1 - HSBC's new CEO Georges Elhedery plans to restructure the senior management level to save up to $300 million [1][3] - Elhedery is working on merging HSBC's commercial banking operations with its global banking and market business, which would create a combined workforce of 90,000 and generate $40 billion in annual revenue [2] - The restructuring is expected to reduce management layers, particularly affecting senior roles, as this is where the highest costs are incurred [3] Group 2 - Costs in the commercial banking division have risen by 12% to $3.9 billion in the first half of 2024, indicating a need for cost management [4] - HSBC is in search of a new chief financial officer, with Pam Kaur, the chief risk and compliance officer, being a leading candidate [5] - HSBC has launched an embedded finance venture in partnership with Tradeshift, aiming to provide seamless financial solutions for businesses [6][7]