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 Holdings Plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as Chief Executive Officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently.

The London-headquartered, Asia-focused bank is embarking on a major restructuring under its new CEO that will slash the number of senior roles.