HSBC Holdings has announced a significant restructuring led by new CEO Georges Elhedery, aimed at enhancing efficiency and addressing geopolitical tensions between China and the West. The overhaul includes the creation of two main business units—eastern markets and western markets—while merging commercial and investment banking into a single corporate and institutional banking division. In a historic move, Pam Kaur has been appointed as HSBC's first female Chief Financial Officer, previously serving as the chief risk and compliance officer. Elhedery emphasized that the restructuring aims to streamline operations and maintain HSBC's strategic priorities amid pressures to cut costs and increase profitability. Kaur's extensive background in banking and compliance positions her as a pivotal figure in this transition. The changes are set to take effect at the beginning of next year, reflecting HSBC's response to a challenging economic landscape.