HSBC mulls up to $300mn cost-cutting plan, targeting senior roles, says FT

HSBC CEO Georges Elhedery is weighing cost-cutting measures that could save up to $300 million, targeting its senior bankers, the Financial Times reported on Thursday.

The plan comes at a time when the lender is considering a merger of its commercial and investment banking units, the FT report said, citing people familiar with the matter.

The merger will affect “the senior people and some of the larger roles … That’s the most expensive layer and that’s where the costs are,” the FT added.

HSBC did not immediately respond to a Reuters request for comment.

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Last month, Bloomberg reported that HSBC was weighing the combination of its commercial and investment banking divisions to eliminate overlapping roles to cut costs.

In recent years, HSBC has also slashed its businesses in western markets such as the US, France, and Canada as it focuses on Asia and markets where it has scale.