HSBC plans job cuts in weeks as part of major restructuring effort

HSBC plans to start job cuts in the coming weeks as part of a major restructuring. The head of the new global wholesale banking unit stated that the process will be completed quickly to minimize disruption. Details on the number of job losses will be announced alongside HSBC's full-year results in February. The restructuring aims to establish a new organizational structure by that time. The executive, who oversees HSBC's operations in the US and Americas, will move to London in January to lead the rollout of the new banking model. A search for his successor in the US has begun.