A view of the HSBC logo on the side of the HSBC building in the financial district of Singapore on March 9, 2016. The bank announced a major restructuring on Tuesday. File Photo by Wallace Woon/EPA-EFE
British financial giant HSBC announced a new consolidation of its operations on Tuesday into four geographical branches in its restructuring.
The institution said its operations would be divided into an Eastern markets branch, combining its Asia-Pacific and Middle East units; a Western markets branch, which would consist of “non-ringed-fenced” British banks; a Continental European branch and an Americas branch. Advertisement
“The new structure will result in a simpler, more dynamic, and agile organization as we focus on executing against our strategic priorities, which remain unchanged,” HSBC’s CEO Georges Elhedery said.
Elhedery, who has led the company since July after serving as its chief financial officer, said the new development will allow HSBC to move to its “next phase of growth.”
Pam Kaur was promoted to HSBC’s chief financial officer, the first woman to hold the position. She had been working as the institution’s chief risk and compliance officer. She has been with HSBC since 2013 and has worked in Germany and the United States.
“The changes that we are announcing today will make it easier for our colleagues to serve our customers and drive the future success of the group,” Elhedery said. Advertisement
“By making these changes, we can better focus on increasing leadership and market share in those businesses that have a clear competitive advantage and the greatest opportunities to grow.”
