The bank said it was simplifying by splitting up into four key units, and geographically into East and West. This includes merging its commercial and institutional banking operations and creating a new international wealth and premier banking division. The other two units will comprise of a new UK business and a Hong Kong business.
It is also set to restructure across geographic lines with the formation of âEastern marketsâ, which incorporates Asia and the Middle East, and âWestern marketsâ, comprising of the UK, Europe and the Americas. The changes are set to take effect from 2025.
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