03:14 PM EST, 12/11/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) is planning to save at least $3 billion by cutting costs as part of a global restructuring effort led by new CEO Georges Elhedery, Bloomberg News reported Wednesday, citing sources familiar with the matter.

The bank's overhaul is expected to be completed by June 2025, aiming to reduce its yearly expenses by about 10% from its current estimate of $32.6 billion, according to the news outlet.

HSBC ( HSBC ) will reportedly share more details about the financial impact of its restructuring, including any one-time costs, when it reports its full-year results in February.

Since becoming CEO in September, Elhedery has already reduced his executive team by a third and plans to cut over 40% of the bank's top 175 managers, the media outlet reported.

HSBC ( HSBC ) declined to comment in response to MT Newswires' request for comment.

(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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