HSBC to shake up global banking biz to cut costs

LONDON: HSBC will restructure its global banking division to cut costs and make the business more “agile”, according to an internal memo. The reorganisation is part

LONDON: HSBC will restructure its global banking division to cut costs and make the business more “agile”, according to an internal memo. The reorganisation is part of HSBC’s plans announced last June to slash nearly one in five jobs and shrink its investment bank by a third. The changes include setting up a new corporate, financials and multinationals banking unit headed by Philippe Henry.

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