07:48 AM EDT, 10/24/2024 (MT Newswires) -- (Updates with HSBC's ( HSBC ) response in the last paragraph.)

HSBC Holdings' ( HSBC ) chief executive officer, Georges Elhedery, has warned senior staff to prepare for job cuts, Reuters reported Wednesday, citing an internal memo.

"Some of our colleagues will face redundancies as we streamline duplicative senior roles," Elhedery said in the memo, Reuters reported.

Elhedery told employees that company leaders will detail the impending cuts in the coming days, the report said.

An HSBC ( HSBC ) spokesperson told MT Newswires the lender did not have more to add to the Reuters report, but referred to an announcement Tuesday that outlined "the wider context of the structural changes" at the bank.

(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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