HSBC Eyes $300M Cost-Cutting in Banking Merger

HSBC CEO Georges Elhedery is exploring cost-saving measures potentially worth $300 million amid the bank's merger of its commercial and investment banking arms, according to sources cited by the Financial Times. The plan may involve trimming the high-cost layer of senior bankers.

HSBC is contemplating a major cost reduction strategy, with plans to save an estimated $300 million. This initiative comes as the financial giant merges its commercial and investment banking divisions, the Financial Times reported, citing insiders.

Sources indicate that the primary target may be the bank's senior-level employees, who constitute an expensive tier within the organization.

This move underlines the bank's efforts to streamline operations and enhance efficiency, as led by CEO Georges Elhedery.

(With inputs from agencies.)