HSBC has asked hundreds of managers to reapply for jobs which will result in job cuts for managing directors and senior bankers.
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00:00HSBC has asked hundreds of managers to reapply for jobs in the firm's newly formed Corporate
00:05and Institutional Banking division.
00:07CEO George El-Hedary wants to cut costs and make the bank run more efficiently.
00:11And his new shake-up essentially pits more staff against each other to compete for available
00:15jobs in the combined CIB division.
00:17The process will result in the bank dismissing several hundred managing directors and other
00:22senior bankers in the coming weeks.
00:24In an earnings call with investors, El-Hedary emphasized that his restructuring plan isn't
00:28about splitting up the bank, but rather about simplification of its operations.