HSBC Restructures, Separating Eastern and Western Businesses in Major Overhaul

Oct 22, 2024, 05:33 AM

HSBC announced a significant restructuring, merging its commercial and investment banking businesses outside the UK and Hong Kong to create a new corporate and institutional banking division. The bank plans to streamline its operations into four main business units: UK, Hong Kong, corporate banking, and wealth banking, effectively separating its 'eastern' and 'western' businesses. This overhaul is part of CEO Georges Elhedery's efforts to rein in costs against a backdrop of falling interest rates. Elhedery stated that the new leadership structure aims 'to unleash our full potential and drive success into the future.'