Bank announces leadership changes and reorganization into four business units to streamline operations and cut costs.

HONG KONG/LONDON – HSBC Holdings unveiled a major restructuring on Tuesday (Oct 22) under its new CEO, Georges Elhedery, which includes merging its commercial and investment banking divisions and reshaping its leadership structure.

In a strategic move to simplify operations and address rising costs, the Asia-focused bank announced it would reorganize into four business units: UK, Hong Kong, corporate and institutional banking, and wealth banking. This restructuring also involves a reduction in senior management roles as part of cost-cutting measures.

The newly created corporate and institutional banking unit will integrate the commercial banking and global banking and markets segments, along with western wholesale banking operations in Europe and the Americas.

As part of the leadership overhaul, HSBC appointed Pam Kaur as its first female chief financial officer. CEO Elhedery described the changes in a memo to staff as a step to “unleash our full potential and drive success into the future.”

Like many global banking executives, Elhedery faces mounting pressure to curb expenses and enhance efficiency amidst a challenging economic environment.

The overhaul reflects HSBC’s efforts to stay competitive while maintaining its stronghold in Asia, particularly in its key markets of Hong Kong and the UK.