07:13 AM EDT, 10/10/2024 (MT Newswires) -- HSBC Holdings ( HSBC ) Chief Executive Georges Elhedery plans to lay off senior bankers to reduce as much as $300 million, the Financial Times reported Thursday, citing unnamed people familiar with the matter.

Elhedery seeks to merge HSBC's ( HSBC ) commercial banking division with its global banking and markets unit to cut costs, the report said.

Announcements are expected in late October and the company's 214,000 employees have not yet been informed, the report said. "It's going to affect the senior people and some of the larger roles," the FT quoted a source as saying. "That's the most expensive layer and that's where the costs are."

HSBC ( HSBC ) did not immediately reply 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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