HSBC Makes Managers Vie for Jobs Amid CEO Streamlining

Group 1: HSBC's Organizational Changes - HSBC is requiring hundreds of managers to reapply for jobs in its new corporate and institutional banking (CIB) division, with interviews already underway [1][2] - The restructuring is part of new CEO Georges Elhedery's initiative for greater efficiency, leading to competition between senior staff from different banking units for CIB positions [2] - The bank plans to let go of several hundred managing directors and will replace the general manager titles with "managing directors," a more common rank in the financial services industry [3] Group 2: Simplified Structure and Staffing - HSBC announced a "simplified organization structure," which will take effect at the start of next year, reorganizing into four distinct business units and reducing its executive committee from 18 to 12 members [4] - Over the past 16 years, HSBC has reduced its workforce by more than 100,000 employees as part of efforts to streamline operations [5] - Elhedery, who became CEO in July, has been associated with rumors of merging commercial and investment banking divisions and trimming management layers [5]