HSBC is to divide its operations into eastern and western markets as part of a major shake-up under its new chief executive, Georges Elhedery, which will help it cut costs and navigate rising geopolitical tensions between China and the west.
The sweeping overhaul, which comes six weeks after Elhedery, the bank’s former finance chief, took the reins from Noel Quinn, will set up a new operating committee to take responsibility for four lines of business. They include a standalone UK division and a Hong Kong division where bosses will be in charge of “eastern markets” covering Asia and the Middle East.
