HSBC says first round of job cuts could be announced in weeks

LONDON - The head of HSBC Holdings' new global wholesale banking division said the lender will seek to wrap up an ongoing restructuring "very quickly" and could announce the first round of job cuts within weeks.

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Mr Michael Roberts, chief executive of the British bank's corporate and institutional banking and head of Western markets, told Bloomberg Television in an interview on Nov 7 that the job losses will be concentrated at the senior level.

He said the restructuring, announced in October by new group CEO Georges Elhedery, will be done in a "thoughtful way".

"We are very much aware that this is distracting, this is disruptive, so we are going to do this as quickly as possible," Mr Roberts added. "I'm talking weeks before we announce the first level followed by several other weeks. We're going to be working very, very quickly."

Europe's largest bank has embarked on a sweeping overhaul that combines global commercial and institutional banking operations under Mr Roberts and creates a new international wealth and premier banking business that will be overseen by Mr Barry O'Byrne.