HSBC chief executive Georges Elhedery has announced an overhaul of the bank that will split it into four divisions and create a new geographic set-up separating east from west, as he seeks to cut costs and navigate geopolitical tensions.
The lender will turn its UK and Hong Kong businesses into standalone units, accounting for two of the four new divisions. The other two will be “corporate and institutional banking” and “international wealth and premier banking”.
Under the plans, business in these divisions will either fall into the “eastern markets” section of Asia-Pacific and the Middle East or a “western markets” one including operations in the UK, Europe and the Americas.
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