HSBC, a universal bank and financial services group headquartered in London, has plans to divide its operations into eastern and western markets to cut costs and navigate rising geopolitical tensions between China and the West, according to The Guardian.
This overhaul comes six weeks after HSBC’s new chief executive, Georges Elhedery, stepped into his leadership role.
IREI understands the bank will set up a new operating committee responsible for four lines of business. They include a standalone U.K. division and a Hong Kong division, where bosses will be in charge of “eastern markets” covering Asia and the Middle East.
The two other divisions will cover international wealth and premier banking as well as corporate and institutional banking, with the latter in charge of wholesale operations in “western markets,” which include the United Kingdom, Europe, Latin America and North America.
HSBC also recently announced