Preparations are at an “advanced stage” for HSBC, one of the world’s biggest lenders, to try again to bolt together its commercial banking division with its global banking and markets unit. The revamp could lead to hundreds of job losses in senior ranks, says Patrick Hosking in The Times.
While HSBC attempted a partial merger of the two divisions in 2020, it had to abandon the effort because of Covid. However, as its shares have greatly lagged its peers in the past nine months, it will restart the plans in the hope of saving up to $300 million. The move may help placate those who have grown frustrated with what they see as the “slow pace of cuts”, says Lex in the Financial Times. It also makes sense to focus on senior management as “that’s where the costs are”.
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