HSBC Holdings is requiring hundreds of managers to reapply for positions in its newly formed corporate and institutional banking (CIB) division as CEO Georges Elhedery seeks to enhance efficiency. Interviews are underway, with senior staff from the commercial banking and global banking and markets units competing for roles in the combined division. The process is expected to lead to the dismissal of several hundred managing directors and senior bankers in the coming weeks. As part of the overhaul, HSBC will phase out its "general manager" titles in favour of the industry-standard "managing director." The bank, which employs approximately 215,100 staff worldwide, is implementing these changes amid pressure on profit margins due to global rate cuts and ongoing efforts to streamline its global operations.