HSBC to Lay Off Hundreds of Top Bankers to Achieve Cost Efficiency

HSBC Holdings PLC (HSBC) plans to reduce its workforce by removing hundreds of top bankers to lower costs as part of its efforts to streamline the vast organization. This was first reported by Bloomberg.Details of HSBC’s DownsizingNumerous managers in HSBC’s recently established Corporate and Institutional Banking (CIB) division have been told to apply again for their jobs, with interviews already under the way.This process effectively puts senior staff from the corporate banking division in competition wit ...