HSBC's headcount decreased by 3% last year, and its staff bonus pool remained relatively stable as the new CEO focused on cost reduction and implemented extensive restructuring at the Asia-focused bank, as revealed in its 2024 financial report released on Wednesday. The report disclosed that the bank's bonus cash pool amounted to $3.80 billion in 2024 compared to $3.77 billion in the previous year. Additionally, HSBC achieved annual profit growth, particularly in its wealth and markets segments, highlighting its commitment to cost-cutting measures led by CEO Georges Elhedery. Elhedery's strategic efforts aim to enhance returns, with a particular emphasis on Asia, the primary revenue source for the London-based bank. Elhedery's total compensation for 2024 reached 5.4 million pounds ($6.8 million), boosted by an annual incentive following the UK's removal of bonus caps for top executives. The report indicated a potential total compensation of 15.2 million pounds ($19.2 million) for the current year, with over half linked to variable or bonus components. In May, HSBC shareholders approved the removal of bonus caps for senior UK executives, aligning with the deregulation trend seen at other prominent banks like Barclays, Goldman Sachs, and JPMorgan in the UK. The report also highlighted HSBC's global workforce reduction to 220,928 employees across its operations, down from 227,552 in 2023 and 232,642 in 2022, with a notable 5.5% decrease in staff within its wealth and personal banking division. The total salary and benefits expenditure for the bank in 2024 reached $20.15 billion, reflecting a slight increase from $19.62 billion the previous year. As part of its restructuring efforts, HSBC announced consolidation of certain commercial and investment banking units in October, accompanied by a revamped leadership structure. Notably, the bank reportedly laid off 40 investment bankers in Hong Kong as of recent reports.