HSBC Announces Major Restructuring Under CEO Elhedery

HSBC, under new CEO Georges Elhedery, has announced a major restructuring aimed at reducing costs and streamlining operations, effective January 1, 2025. The bank will reorganize into four main units: Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking, with operations outside the UK and Hong Kong being consolidated to enhance collaboration and product cross-selling. Pam Kaur has been appointed as the first female CFO, succeeding Elhedery. New regional divisions termed Eastern and Western markets will be introduced, expected to increase efficiency and market share in key areas. This reorganization is a strategic move to capitalize on HSBC's strengths and address the pressure of rising costs in a challenging economic environment.