HSBC to axe at least 200 senior operations managersReuters, HONG KONG and LONDONHSBC is cutting as many as 15 percent of its 2,000 senior operations managers worldwide, as it attempts to streamline its management ranks and reduce costs, two sources with knowledge of the matter said. The logo of HSBC is pictured on its headquarters at the financial Central district in Hong Kong on Aug. 4, 2020. The lender has been shrinking its sprawling global business for several years, downsizing in many regions and exiting some countries entirely as it tries to improve shareholder returns. The initiative, codenamed “project banyan,” follows HSBC’s last major redundancy plan in 2020, which targeted about 35,000 job cuts globally across all staffing levels. On Wednesday, HSBC announced a possible sale of its business in New Zealand and its plans to close 114 branches in the UK.

Source: Taipei Times December 03, 2022 03:53 UTC