HSBC has renamed its “eastern markets” and “western markets” business sections, within months of creating them, after the branding prompted renewed speculation that the bank might formally split along east-west lines.
The bank is now calling the eastern markets business “Asia and the Middle East” and the western markets business “Europe and Americas”, two people with knowledge of the matter said. It is not changing the structure itself.
The “eastern” and “western” sections were created as part of a wide-ranging overhaul that HSBC’s chief executive Georges Elhedery announced in October, within weeks of starting the role.
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