06:49 AM EST, 11/18/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) has asked senior staff to reapply for jobs in its newly formed corporate and institutional banking division, a process that will result in the dismissal of several hundred managing directors and other senior bankers in the coming weeks, Bloomberg News reported Monday, citing people familiar with the matter.

According to the report, the move essentially sets senior staff from the commercial banking division against those from the global banking and markets unit to compete for the jobs available in the combined division, which added that interviews are already underway.

The sources told Bloomberg that the lender has not made any final decisions yet and the plans could change.

The move comes as Chief Executive Officer Georges Elhedery looks for ways to slash costs due to increasing pressure on profit margins from a rate-cutting cycle by monetary authorities.

HSBC ( HSBC ) declined MT Newswires' request for comment on the matter.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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