The new boss of HSBC has announced a sweeping restructuring that internally divides the Asia-focused bank’s operations in two to cut costs and help it negotiate a growing geopolitical split between China and the West.
Georges Elhedery, who took charge of the London-based banking giant last month, said his overhaul of the sprawling group “will result in a simpler, more dynamic and agile organisation”.
His changes involve a revamp of the lender’s geographical structure to create an eastern markets business that incorporates its Asia-Pacific and Middle Eastern operations, and a western markets business that houses its UK high street unit as well as its operations in Europe and the United States.
Georges Elhedery took over at the start of last month
He is also reorganising its main business lines into four groups, which will result