The move, following the bank’s January decision to shutter its mergers and acquisitions and equity capital markets operations outside Asia and the Middle East, signals a stark shift in HSBC’s approach to staff.

Vice-presidents and senior bankers within the affected UK investment banking unit were terminated without receiving their expected 2024 bonuses, Financial Times reports. This departure from HSBC’s traditional employee care has surprised industry observers, as other banks typically offer some form of bonus during restructuring.

Mr Elhedery’s drive to achieve $300 million (c. £231m) in savings by 2025 and $1.5 billion (c. £1.16bn) in annual cost reductions by the end of next year has led to further job cuts in Hong Kong. While initial considerations included scaling back Asian and Middle Eastern investment banking, no further action has been taken as these regions remain crucial for client relationships.

HSBC has also unveiled a potential £15.3m pay package for Elhedery, which could rise to £19.8m if the bank’s share price increases by 50%. This significantly exceeds his predecessor’s 2023 compensation, reflecting the bank’s focus on driving shareholder value.