HSBC (00005) implements a competitive promotion plan, seeking hundreds of senior employees to compete for positions in new departments.

HSBC (00005) CEO Georges Elhedery continues to seek ways to improve operational efficiency, with reports that the bank has asked hundreds of managers to reapply for positions in the newly established Corporate and Institutional Banking (CIB) division. Interviews are reportedly underway, with senior staff from the Commercial Banking division and global banking and markets division competing for positions in the combined CIB unit. As this process progresses, HSBC is expected to begin laying off hundreds of managing directors and other senior bankers in the coming weeks. It is reported that as part of the restructuring, HSBC will gradually phase out the title of managing director for some of its most senior staff, replacing it with the title of a director managing director. Sources familiar with the matter said that final decisions have not yet been made, and plans may still change. HSBC declined to comment. Previously, HSBC's head of global wholesale banking, Michael Roberts, stated that the bank plans to complete the ongoing restructuring "very swiftly" and may announce the first round of layoffs within a few weeks. The layoffs will primarily target senior positions. Last month, HSBC announced its restructuring plan, with Elhedery indicating that some senior positions would inevitably become redundant as a result of the reorganization. Recently, HSBC HOLDINGS announced that it will optimize its organizational structure. The company has decided to consolidate its global operations into four main business divisions: Hong Kong business, UK business, Corporate and Institutional Banking, International Wealth Management, and Premier Wealth Management, effective from January 1, 2025.