Reuters - HSBC memo reveals details of global banking division restructure

HSBC Canary Wharf

HSBC is to restructure its global banking division to cut costs and make the business more "agile", according to an internal memo seen by Reuters on Monday.

Reuters reports that the reorganization is part of HSBC's plans announced last June to slash nearly one in five jobs and shrink its investment bank by a third as it seeks to boost profits.

HSBC did not say how many jobs would be cut in this cost-saving drive, which follows the re-integration of the capital finance business back into global banking, which was announced in February.

Reuters reported last week that the bank would be trimming dozens of senior jobs in its investment bank as a result of a pending reshuffle.

The changes include setting up a new corporate, financials and multinationals banking unit to be headed by Philippe Henry, according to the memo from global banking co-heads Robin Phillips and Matthew Westerman.

To access the complete Reuters article hit the link below:

HSBC to shake up global banking business to cut costs

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