HSBC Asks Middle Managers to Reapply for Their Jobs Amid Layoffs: Report

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class="col-12"> <article class=""> <section class="post-headline-wrapper " id="post-headline" > <div class="post-meta"> <span class="post-breadcrumbs headline-regular "> <a href="/finance" class=" breadcrumbs-no-spacer" data-track-click="{"product_field":"Finance","element_name":"breadcrumbs","event":"navigation"}" > Finance </a> </span> </div> <h1 class="post-headline ">HSBC reportedly asks middle managers to reapply for jobs as layoffs loom</h1> </section> <section class="byline-wrapper "> <div class="byline " data-e2e-name="byline" > <div class="byline-content" data-e2e-name="byline-content" > <div class="byline-row"> <div class="byline-author-container"> <div class="byline-author headline-regular"> <span class="" data-e2e-name="Nora Redmond" > <a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="https://www.businessinsider.com/author/nora-redmond" >Nora Redmond</a></span> </div> <time class="byline-timestamp headline-regular js-date-format" 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<title>Angle down icon</title> <desc>An icon in the shape of an angle pointing down.</desc> <path d="M11.3281 0.792709C11.1874 0.796035 11.0537 0.854817 10.9562 0.95625L5.99996 5.9125L1.04371 0.95625C0.994011 0.90516 0.934574 0.864549 0.868913 0.836818C0.803251 0.809086 0.732698 0.794796 0.661421 0.794792C0.555323 0.79482 0.451644 0.826488 0.363639 0.885749C0.275634 0.94501 0.207301 1.02917 0.167378 1.12747C0.127454 1.22577 0.117753 1.33374 0.139515 1.43758C0.161277 1.54143 0.213513 1.63642 0.289546 1.71042L5.62288 7.04375C5.7229 7.14374 5.85854 7.1999 5.99996 7.1999C6.14139 7.1999 6.27702 7.14374 6.37705 7.04375L11.7104 1.71042C11.7878 1.63594 11.841 1.5398 11.8629 1.43459C11.8848 1.32939 11.8744 1.22003 11.833 1.12084C11.7917 1.02164 11.7214 0.937245 11.6313 0.878694C11.5412 0.820144 11.4355 0.790174 11.3281 0.792709V0.792709Z" fill="currentColor"/> </svg> </label> <figcaption class="image-caption headline-semibold" data-e2e-name="image-caption" > <span class="image-caption-text">"Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles," CEO Georges Elhedery said.</span> <span class="image-source-text"> <span class="image-source headline-regular" data-e2e-name="image-source" itemprop="creditText" > Andrew Burton/Getty Images </span> </span> </figcaption> </span> </figure> <div class="inline-backup-paywall desktop" data-component-type="inline-backup-paywall" style="display:none"> <span class="headline-semibold subscription-msg">This story is available exclusively to Business Insider subscribers. <a href="/subscription" class="subscription-link">Become an Insider</a> and start reading now.</span> <span class="headline-regular login-prompt">Have an account? <button class="login-prompt-btn">Log in</button>.</span> </div> <div> <section class="post-content typography " data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-1" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-1/finance" data-secvert="" data-tag="hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk" data-authors="nora-redmond" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-1" data-url="/hsbc-middle-managers-reapply-jobs-layoffs-big-four-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-1/finance","region":"Desktop In Post Ad","tag":"hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk","template":"default","dvp_spos":"in-content-1","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-not-lazy="" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><ul class="summary-list"><li>HSBC has reportedly asked some managers to reapply for their jobs as part of a cost-cutting restructure.</li><li>Bloomberg reported Monday that hundreds of senior staff will likely lose their jobs.</li><li>HSBC declined to comment when contacted by Business Insider.</li></ul><p><a target="_blank" href="https://www.businessinsider.com/hsbc-office-redevelopment-london-flexible-working-corporate-real-estate-2024-7" data-analytics-product-module="body_link" rel="">HSBC</a> has asked some managers to reapply for their jobs in its newly created corporate and institutional banking division as part of a cost-cutting drive, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-11-18/hsbc-managers-are-competing-to-keep-their-jobs-in-ceo-s-revamp" data-analytics-product-module="body_link" rel=" nofollow">Bloomberg reported.</a></p><p>Citing people familiar with the matter, Bloomberg said that the interview process has already started, involving senior staff from the bank's commercial banking business and others from the global banking and markets unit.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-2" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-2/finance" data-secvert="" data-tag="hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk" data-authors="nora-redmond" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-2" data-url="/hsbc-middle-managers-reapply-jobs-layoffs-big-four-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-2/finance","region":"Desktop In Post Ad","tag":"hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk","template":"default","dvp_spos":"in-content-2","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>The people told Bloomberg that internal recruitment for the merged division would likely result in hundreds of managing directors and other senior bankers losing their jobs over the coming weeks.</p><p>They added that general manager titles will also be phased out and replaced by managing director titles at HSBC, which has around 221,000 employees worldwide.</p><p>The plans have not been finalized and could be subject to change, the people said.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-3" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-3/finance" data-secvert="" data-tag="hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk" data-authors="nora-redmond" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-3" data-url="/hsbc-middle-managers-reapply-jobs-layoffs-big-four-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-3/finance","region":"Desktop In Post Ad","tag":"hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk","template":"default","dvp_spos":"in-content-3","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>HSBC declined to comment when approached by Business Insider.</p><p>The combined division is part of a restructuring plan introduced by new CEO Georges Elhedery in October.</p><p>The biggest change announced was the simplification of HSBC's structure, creating Eastern and Western arms to manage its global operations.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-4" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/finance" data-secvert="" data-tag="hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk" data-authors="nora-redmond" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-4" data-url="/hsbc-middle-managers-reapply-jobs-layoffs-big-four-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/finance","region":"Desktop In Post Ad","tag":"hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Under the new structure, HSBC's operations in Asia-Pacific and the Middle East will form the "Eastern markets," while its UK, European, and Americas business will be known as the "Western markets."</p><p>Other changes include the creation of a new international wealth and premier banking unit.</p><p>The London-listed bank said in October that its third-quarter pre-tax profits rose roughly 10% year over year to $8.5 billion.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-5" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/finance" data-secvert="" data-tag="hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk" data-authors="nora-redmond" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-5" data-url="/hsbc-middle-managers-reapply-jobs-layoffs-big-four-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/finance","region":"Desktop In Post Ad","tag":"hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>Elhedery, who was formerly HSBC's CFO and became CEO in September, told analysts in a call after the third-quarter results that cutting senior roles would lower costs.</p><p>"Now, as a result of a simpler, leaner, more efficient bank, there will be cost saves," he said.</p><p>He previously told staff in October that they should expect job cuts following the announcement of the revamp, <a target="_blank" class="" href="https://www.reuters.com/business/finance/hsbc-ceo-tells-staff-senior-redundancies-inevitable-after-revamp-2024-10-23/" data-analytics-product-module="body_link" rel=" nofollow">Reuters reported</a> at the time, citing an internal memo.</p><div class="in-post-sticky only-desktop"><div class="ad-callout-wrapper only-desktop"> <div class="ad-label headline-regular only-desktop">Advertisement</div> <div data-bi-ad="" id="gpt-post-finance-desktop_in_post_ad-desktop-fluid-6" class="ad ad-wrapper fluid in-post only-desktop" data-force="" data-type="ad" data-adunit="businessinsider.desktop/post/in-content-4-plus/finance" data-secvert="" data-tag="hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk" data-authors="nora-redmond" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[728,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],[300,250],[800,480],[600,480],"fluid"]}]" data-tile-order="tile-6" data-url="/hsbc-middle-managers-reapply-jobs-layoffs-big-four-2024-11" data-template="default" data-targeting="{"adunit":"businessinsider.desktop/post/in-content-4-plus/finance","region":"Desktop In Post Ad","tag":"hsbc,layoffs,big-4,big-four,banks,jobs,trending-uk","template":"default","dvp_spos":"in-content-4-plus","rawvert":""}" data-amazontamsizes="[[728,90],[300,250]]" data-enable-ad-refresher="true" data-refresh-count="0"></div> </div></div><p>"Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles," Elhedery said.</p> </div> </div> </div> </section> </div> <section class="post-content-more"> <section class="dad-related-posts-component at-post-bottom related-posts" data-component-type="dad-related-posts" data-delay-third-party-scripts="true" data-size="3" data-container-index="" data-included-verticals="finance" data-placement="post-bottom" data-excluded-verticals="bi-video" data-root-margin="250px 0px" data-track-view="{"element_name":"end_of_article_recirc","product_field":"bi_value_unassigned"}" > <div class="content-recommendations-title-container"> <h2 class="content-recommendations-title headline-semibold ignore-typography "> Read 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