HSBC announces new structure as part of major overhaul
manchestereveningnews.co.ukHSBC has announced a major restructuring under the direction of new chief Georges Elhedery, aiming to slash costs and concentrate on the bank's most profitable sectors.
The banking giant is reorganising into four main divisions and will geographically divide operations into East and West. This includes the amalgamation of its commercial and institutional banking arms, as well as the establishment of a fresh international wealth and premier banking division.
The remaining two divisions will consist of a new UK business and a Hong Kong-focused unit. Additionally, HSBC plans to restructure along geographic lines, creating "Eastern markets" that include Asia and the Middle East, and "Western markets" that cover the UK, Europe, and the Americas.
These changes are expected to be implemented by 2025. READ MORE: New law will allow DWP to take money directly from fraudsters' pay slips Reports have suggested that this overhaul could result in job cuts among the bank's high-earning senior bankers, particularly within the extensive commercial and investment banking sectors.
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