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HSBC It announced on Tuesday that it would consolidate the bank into four business units, appointing veteran insider Pam Kaur as its first female finance chief.
Kaur is set to take over from interim chief financial officer John Bingham on January 1, according to a Hong Kong stock exchange regulatory filing.
It is the second heavyweight leadership shake-up for HSBC in recent months, after former finance boss Georges Elkhedery was named group chief executive in July.
The bank also announced plans to streamline its businesses in an effort to “reduce duplication of processes and decision-making”. From January, it will operate through four divisions: Hong Kong, UK, International Wealth and Primary Banking, and Corporate and Institutional Banking.
“This new structure will result in a simpler, more dynamic and agile organization as we focus on working against our strategic priorities, which will remain unchanged,” Elhedery said in a statement on Tuesday, adding that the shake-up will help HSBC promote its “next”. stage of development.”
The bank’s new corporate and institutional banking division will bring together its commercial banking business (outside Hong Kong and UK), global banking and markets business and wholesale banking operations in western markets.
This breaking news story is being updated.
