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on august 28, bloomberg reported that hsbc holdings' incoming ceo georges elhedery is considering reducing middle-level management levels, following the practices of competitors such as citigroup and standard chartered.

georges elhedery

as part of the discussions, hsbc may cut the number of country heads around the world, people familiar with the matter said, and mr. aiqiaozhi may also make changes to the executives and positions reporting to him when he takes office next month.

people familiar with the matter said that aiqiaozhi’s deliberations are at a very early stage and the plans for how to streamline the bank’s business may still change.

a hsbc spokesman declined to comment.

the discussions are the latest sign of hsbc's efforts to rein in costs after bloomberg news reported it was slowing hiring and asking investment bankers to curb travel and entertainment expenses.

shifting focus to core markets in asia

ai qiaozhi will take over from quinn quinn at the helm of hsbc holdings on september 2. during quinn's tenure, hsbc cut thousands of jobs and sold some larger businesses, shifting its focus to its core markets in asia.

rival standard chartered has already been trimming middle management, saying in march it would cut the number of local managers. citigroup chief executive jane fraser has eliminated five management layers and cut tens of thousands of jobs in a sweeping restructuring of the wall street giant.

hsbc, which says it has 41 million customers in 60 countries and regions, has sold major businesses in north america and europe, including in france and canada, and redeployed capital, particularly in southeast asia and china. bloomberg reported last week that hsbc holdings is considering selling its south african business to focus on the asian market.