HSBC Kicks Off Biggest Restructuring in Decade Under New CEO
- Lender also announces Pam Kaur as its first-ever female CFO
- Georges Elhedery has sought to reduce complexity, trim costs
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HSBC Holdings Plc unveiled a broad restructuring across different business lines and geographies as newly appointed Chief Executive Officer Georges Elhedery embarks on an ambitious effort to cut costs at the banking behemoth.
The lender will combine its global commercial and institutional banking operations under Michael Roberts and is creating a new international wealth and premier banking business that will be overseen by Barry O’Byrne. HSBC also named Pam Kaur as chief financial officer and announced plans to revamp its regional operations around the world.