HSBC (HSBC) is urging hundreds of managers to reapply for positions in the firm’s newly formed corporate and institutional banking division as CEO Georges Elhedery looks to boost efficiency, Bloomberg’s Ambereen Choudhury and Harry Wilson report, citing people familiar with the matter. The company has already begun interviews, essentially pitting senior employees from the commercial banking unit against those from the global banking and markets division for roles in the combined CIB arm. The process will result in the dismissal of several hundred managing directors and senior bankers.
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