HSBC Weighs Merger of Commercial, Investment Bank Amid Cost-Cutting Efforts, Bloomberg Reports
-- HSBC Holdings is considering combining its commercial and investment bank divisions as part of Chief Executive Officer Georges Elhedery's bid to streamline roles and cut costs, Bloomberg reports, citing unnamed sources.
--The lender's merger, details of which aren't finalized, would unite its global banking and markets division with its commercial banking arm, according to Bloomberg.
-- The combined division would comprise 90,000 staff and have an estimated annual revenue of $40 billion, according to Bloomberg.
-- HSBC didn't immediately respond to a request for comment from Dow Jones Newswires.
Full story: https://bit.ly/3XmgvJx
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
September 09, 2024 10:03 ET (14:03 GMT)
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