HSBC unveils major overhaul; names first female CFO

HONG KONG - HSBC Holdings said on Oct 22 that it would combine some of its commercial and investment banking operations in a major overhaul under new chief executive Georges Elhedery, which will see it cut costs while trying to improve returns.

- REUTERS, BLOOMBERG

A new leadership structure, which includes the appointment of Ms Pam Kaur as the lender's first female chief financial officer (CFO), would "unleash our full potential and drive success into the future", Mr Elhedery said in a memo to staff.

The group is carving up its operations into four business lines, namely Britain, Hong Kong, corporate and institutional banking, and wealth banking.

The overhaul sees Mr Elhedery tackle one of HSBC's most intractable problems.

Its commercial bank, which serves the lender's more than 1.2 million business customers, from start-ups to major corporations, has long held the potential to turbocharge profit if those customers could be persuaded to buy more products.

Executives in that division, however, have sought to protect their clients from cross-selling efforts by investment bankers in HSBC's global banking division, sources at the bank have previously said.