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HSBC HOLDINGS Reportedly Halts 'Int'l Manager' Program for Next-generation Executive Development
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HSBC HOLDINGS (00005.HK) ceased its 'International Manager' program aimed at developing the next generation of executives as a cost-saving measure, Financial Times quoted sources as saying. Former chief executives who participated in the program include Stuart Gulliver and John Flint. Current CEO Georges Elhedery confirmed the cessation of recruitment for the program after taking office last year, with current employees under the program estimated to be fewer than 100, according to sources. The program was also suspended during the COVID-19 pandemic. The program was initially designed to cultivate generalists within HSBC HOLDINGS, allowing participants to move across the bank's international network and granting them a special status akin to 'diplomats', the report added. These employees enjoyed elite status within HSBC HOLDINGS, reflected in generous benefits such as tax-free salary, housing allowance and generous pension. AASTOCKS Financial News Website: www.aastocks.com |
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