HSBC managers must reapply to their jobs or risk layoffs

HSBC has asked hundreds of managers to reapply for jobs which will result in job cuts for managing directors and senior bankers.

Transcript

00:00HSBC has asked hundreds of managers to reapply for jobs in the firm's newly formed Corporate

00:05and Institutional Banking division.

00:07CEO George El-Hedary wants to cut costs and make the bank run more efficiently.

00:11And his new shake-up essentially pits more staff against each other to compete for available

00:15jobs in the combined CIB division.

00:17The process will result in the bank dismissing several hundred managing directors and other

00:22senior bankers in the coming weeks.

00:24In an earnings call with investors, El-Hedary emphasized that his restructuring plan isn't

00:28about splitting up the bank, but rather about simplification of its operations.