Catherwood LibraryILR School

HSBC has asked for middle managers at the bank to reapply for their current positions after the bank underwent organizational changes to reduce operating costs and increase efficiency. HSBC created a new merged corporate and institutional banking division and it is expected that hundreds of senior-level employees and managing directors will be let go due to this change. The bank will also eliminate the general manager position from the company’s organizational structure, and will instead replace this position with managing directors. Another major change to the bank’s structure is that global operations will be separated into two divisions, Eastern and Western. The Eastern markets include the Middle East, Asia, and Australia, while the Western markets include North America, South America, the United Kingdom, and Europe.