HSBC CEO Plans $300 Million Cost Cuts

HSBC CEO Georges Elhedery is implementing cost-cutting strategies aimed at saving up to $300 million, primarily targeting senior bankers within the organization. This initiative coincides with a proposed merger of HSBC's commercial and investment banking units to eliminate overlapping roles and reduce expenses. The restructuring is part of HSBC's broader strategy to streamline operations and focus on growth in Asian markets while reducing its presence in Western regions. The announcement of these changes is expected by the end of October. This move comes as the bank faces rising costs and pressures from investors to manage expenses more effectively, particularly after reporting $16.3 billion in expenses in the first half of the year.