HSBC chief executive Georges Elhedery has announced a major overhaul of the bank’s structure that will see it split into four key units. Under the plans, which come into effect in 2025, the bank will create separate business units for eastern markets, comprising Asia and the Middle East, and western markets, covering the UK, Europe and the Americas. HSBC will split off its UK and Hong Kong businesses into two new units, while also creating a new international wealth and premier banking division. Mr Elhedery said: “The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged.” Alongside the overhaul of its operations, HSBC also announced the appointment of Pam Kaur as chief financial officer. She will become the first female CFO in the bank’s 159-year history when she takes the post on January 1.
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