New HSBC boss ‘ready to axe senior bankers to save $300m’

Reports say Georges Elhedery's plans part of restructure that would lead to merging global and commercial units

The new boss of HSBC is reportedly readying to axe some of the bank's most expensive senior bankers in a move that could save as much as $300m (229m) in costs.

Georges Elhedery, who took over as chief executive last month, is planning to remove a layer of senior bankers as part of a restructure that would result in the bank's global banking and commercial banking units merging.