HSBC To Reorganize Into Four Units; Names Pam Kaur Group CFO, Effective Jan. 1

(RTTNews) - HSBC Holdings plc (HSBA.L, HSBC) announced Tuesday its plan to simplify organisational structure into four businesses to accelerate delivery against its strategic priorities.

Separately, the banking major announced the appointment of Pam Kaur as Group Chief Financial Officer and an Executive Director of the Board of Directors, effective January 1, 2025.

Kaur, who joined the Group in April 2013 as Group Head of Audit, is currently Group Chief Risk and Compliance Officer.

Jon Bingham, who has been the company's interim GCFO since early September, will resume his role of Global Financial Controller.

The company said it will update on Kaur's successor as Group Chief Risk and Compliance Officer in due course.

Regarding the organisational structure, HSBC noted that from January 1, it will operate through four businesses with clear lines of responsibility. These are Hong Kong, UK, Corporate and Institutional Banking, as well as International Wealth and Premier Banking.

According to the firm, the changes will reduce the duplication of processes and decision making that are built into the current structure. It will also result in greater alignment and agility in serving customers.

The functions will be realigned to support the four new businesses.

HSBC Group Chief Executive Officer, Georges Elhedery, said, "Our home markets of the UK and Hong Kong, together with our corporate and institutional banking as well as our wealth and Premier banking businesses, are the core strengths of HSBC. By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow."