07:00 AM EDT, 08/28/2024 (MT Newswires) -- HSBC Holdings' ( HSBC ) future chief executive officer, Georges Elhedery, is considering cutting back middle management at the bank, Bloomberg reported late Tuesday, citing people familiar with the discussions.

Elhedery plans to take over HSBC ( HSBC ) next week. Among the proposals he is considering is to lower the number of country heads within its worldwide network, the report said. He may also change the roles of the executives reporting to him.

The company has already begun to reduce hiring and expenses, the report said.

HSBC ( HSBC ) declined to comment when reached by MT Newswires.

(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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