HSBC's new boss, Georges Elhedery, has announced a major overhaul of the bank that will involve a geographic split between East and West. The plan aims to simplify the banking giant and cut costs by dividing it into four divisions. Two divisions will be standalone UK and Hong Kong operations, while another will consist of corporate and institutional banking. The fourth division will cover international wealth and premier banking. The restructuring comes as HSBC faces pressure from Chinese insurance giant Ping An to separate its Asian business.
image sourced from original article at https://www.dailymail.co.uk/money/markets/article-13988533/HSBC-boss-splits-East-West-major-overhaul-Banking-giant-divide-four-divisions-bid-cut-costs.htmlOriginal article source: https://www.dailymail.co.uk/money/markets/article-13988533/HSBC-boss-splits-East-West-major-overhaul-Banking-giant-divide-four-divisions-bid-cut-costs.html
Source Id: 2024-10-523010659
