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The bank will see an east-west geographic split (Lucy North/PA) (PA Wire)
The creation of Eastern and Western markets will also see previously standalone divisions, such as Europe and the Americas, come together under one chief executive.
Michael Roberts will lead both the corporate and institutional banking and the Western markets units.
Mr Elhedery, who took on the top job last month, said: “The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged.
“By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.”
HSBC also announced a leadership reshuffle which included the appointment of Pam Kaur as its chief finance officer, reported to be the first woman to fill the role which was previously held by Mr Elhedery.
Ms Kaur first joined the banking group more than a decade ago.
The restructure will see the bank’s executive committee, which makes key decisions for the firm, cut down from 18 members to 12 members.
Mr Elhedery is said to be targeting cost-savings through the overhaul, thought to amount to up to 300 million US dollars (£231 million).
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Publish date : 2024-10-22 00:10:00
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