HSBC’s new chief executive, Georges Elhedery, has pledged to winnow out senior ranks of the bank “at pace” but declined to put any number on cost savings as he reported better than expected results for the September quarter.
Elhedery said there would be “a reduction in senior roles” as a result of what he called “a deduplication of governance”.
He also emphatically ruled out any break-up of the group despite fresh calls from some shareholders that it should prepare for an eventual split.
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“This is not a precursor to any split,” he said of the sweeping reorganisation of the bank announced this month. “Our customers do cherish our capability of serving them across their global