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Bloomberg
HSBC Holdings Plc is cutting as many as 15% of its 2,000 senior operations managers worldwide, according to Reuters.
The reductions are to streamline its management ranks and reduce costs, Reuters said, citing unnamed sources. The cuts, which are already underway, are global and across business units, largely affecting positions with the title of chief operating officer, it reported.
The bank is pruning back its global footprint and focusing on building up its position in Asia. The lender announced the sale of its Canadian unit to Royal Bank of Canada for $10 billion, and Bloomberg has reported HSBC is reviewing its New Zealand retail banking operations.