<ul><li>HSBC laid off mid-senior level employees as part of cost-cutting measures. The affected employees were at the vice president level and above, and did not receive any bonuses.</li><li>This move is unusual for HSBC, known for treating its employees well. However, given the current economic challenges and the need for cost management, the bank had to prioritize profitability.</li><li>Since Georges Elhedery became CEO, HSBC has been focusing on growth areas to enhance profitability in the investment-banking division.</li><li>In January, HSBC had already indicated lower bonuses and cost reduction efforts. The bank intended to be fair in rewarding employees based on performance.</li></ul>

HSBC lays off mid-senior level employees as part of cost-cutting measures

Discover more