HSBC CEO Georges Elhedery plans to target the leader’s expensive senior bankers in a cost-cutting restructure aimed to save as much as $300M, Ortenca Aliaj and Kaye Wiggins of The Financial Times reports, citing people familiar with the matter. Elhedery is making plans to merge HSBC‘s commercial banking unit with its global banking and markets unit in his first step to cut costs. While staff have not been given details of this plan, preparations are in an advanced stage and an announcement is expected by the end of October.
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