Boss Georges Elhedery (pictured) is splitting the firm into four divisions: Hong Kong; UK; corporate and institutional banking; and international wealth and premier banking.

Bank will start to lay off several hundred managing directors and other senior bankers in coming weeks, sources say. Read more at straitstimes.com.

HSBC Holdings has reportedly asked hundreds of managers to reapply for jobs in the firm’s newly-formed corporate and institutional banking division as chief executive Georges Elhedery continues his hunt for ways to make the bank run more efficiently.

HSBC is forcing managers in its newly formed corporate and institutional banking arm to reapply for their jobs as part of a sweeping cost-cutting drive, according to reports. Hundreds of managers have been asked to interview for their roles as the lender merges its corporate and investment banking businesses in a seeping restructuring plan,

The London-headquartered, Asia-focused bank is embarking on a major restructuring under its new CEO that will slash the number of senior roles.

HSBC Holdings Plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as Chief Executive Officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently.