HSBC CEO tells staff to brace for job cuts, Reuters reports

HSBC (HSBC) CEO Georges Elhedery told staff in a memo seen by Reuters that they should brace for job cuts after the bank’s latest restructuring, Sinead Cruise reports. “Inevitably some of our colleagues will face redundancies as we streamline duplicative senior roles,” Elhedery said in the memo, adding that “The leadership team will spend more time with you in the coming days to explain these changes in more detail and to give you the opportunity to ask questions.” The bank on Tuesday said it would merge some operations and split its geographic footprint into East and West. A spokesperson for the bank confirmed the memo’s contents but declined to comment further.