HSBC to lay off one in 10 senior executives

HSBC is laying off at least 200 senior operations managers worldwide. According to two people familiar with the matter who spoke to Reuters, HSBC is preparing to lay off at least 200 of its 2,000 senior operations managers worldwide as part of a reorganization of management levels and cost reductions. The sources said the layoffs at the London-based bank will be spread across units and geographic regions, with at least 200 people, most of whom are chief operating officers, being laid off. According to the information provided by the sources, the layoffs could reach up to 15 percent of the 2,000-management staff.