Boss Georges Elhedery (pictured) is splitting the firm into four divisions: Hong Kong; UK; corporate and institutional banking; and international wealth and premier banking.

Bank will start to lay off several hundred managing directors and other senior bankers in coming weeks, sources say. Read more at straitstimes.com.

HSBC is forcing managers in its newly formed corporate and institutional banking arm to reapply for their jobs as part of a sweeping cost-cutting drive, according to reports. Hundreds of managers have been asked to interview for their roles as the lender merges its corporate and investment banking businesses in a seeping restructuring plan,