HSBC Ends 160-Year-Old Elite "International Manager" Program

HSBC has shut its prestigious "International Manager" program to new recruits. The 160-year-old scheme was a cornerstone of the bank's leadership culture. The move is part of a cost-cutting drive by CEO Georges Elhedery. He is reshaping Europe's largest lender to improve its financial performance. The program was known for creating a global elite within the bank. Trainees, often called "IMs," were fast-tracked into top roles worldwide. They were seen as the future leaders of HSBC. A bank spokesperson confirmed the program is now closed. Current members of the scheme will not be affected. HSBC stated it remains committed to developing global talent through other methods. Analysts see this as a significant shift. It ends a long tradition that defined HSBC's internal management structure. The bank continues to reduce expenses across its global operations.