HSBC merges commercial, investment banking units, names first female CFO By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 22 2024
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Source: Investing.com
HSBC's Major Overhaul: HSBC Holdings is restructuring its commercial and investment banking operations under new CEO Georges Elhedery, aiming to cut costs and improve returns by combining divisions and enhancing cross-selling opportunities for its 1.2 million business customers.
Management Changes: The bank has appointed Pam Kaur as its first female CFO and announced several senior management changes, while continuing to streamline operations and reduce roles in Western markets to focus on Asia and scalable markets.
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About HSBC
HSBC Holdings plc (HSBC) is a banking and financial services company. Its business segments include Hong Kong, UK, Corporate and Institutional Banking (CIB), and International Wealth and Premier Banking (IWPB). Its Hong Kong business comprises retail banking and wealth and commercial banking of HSBC Hong Kong and Hang Seng Bank. Its UK business comprises UK retail banking and wealth (including first direct and M&S Bank) and UK commercial banking, including HSBC Innovation Bank. The CIB segment is formed from the integration of its commercial banking business (outside the UK and Hong Kong) with its global banking and markets business. The IWPB segment comprises premier banking outside of Hong Kong and the UK, its global private bank, and its asset management, insurance and investment distribution businesses. Its customers worldwide through a network covering 58 countries and territories. Its customers range from individual savers and investors to companies, governments and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
