HSBC's New CEO Likely to Cut Middle Management Roles in Streamlining, Bloomberg Reports
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Dow Jones
--HSBC Holdings' incoming Chief Executive Georges Elhedery is looking to cut middle management roles as part of a plan to streamline operations and cut costs, Bloomberg reports citing unnamed sources.
--Elhedery--who replaces retiring Noel Quinn on Monday--is expected to cut country heads across the bank's global network, but plans are still at an early stage and can still be changed, Bloomberg says.
--HSBC didn't immediately respond when approached for comment by Dow Jones Newswires.
Full story: https://tinyurl.com/49547zuc
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
August 28, 2024 01:19 ET (05:19 GMT)
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