HSBC simplifies organisational structure
HSBC Holdings plc (LON:HSBA) today announced that it is simplifying its organisational structure into four businesses.
From 1 January 2025, HSBC will operate through the following four businesses:
- Hong Kong
- UK
- Corporate and Institutional Banking
- International Wealth and Premier Banking
HONG KONG
The new “Hong Kong Business” will comprise “Personal Banking” and “Commercial Banking” under the business oversight of David Liao and Surendra Rosha at the Group Operating Committee, for both HSBC as well as Hang Seng Bank.
UK
The new “UK Business” will comprise UK “Personal Banking” (including First Direct and M&S Bank) and UK “Commercial Banking,” including Innovation Banking under the sole business oversight of Ian Stuart.
CORPORATE AND INSTITUTIONAL BANKING
HSBC is creating a new Corporate and Institutional Banking business through the integration of its Commercial Banking business (outside the UK and Hong Kong) with its Global Banking and Markets business and with the geographic region of the Western Markets (comprising its UK non ring-fenced bank, Europe, and the Americas), which is a predominantly wholesale banking region.
Michael Roberts will lead Corporate and Institutional Banking and Western Markets.
INTERNATIONAL WEALTH AND PREMIER BANKING
The new International Wealth and Premier Banking business will bring together HSBC’s Premier banking focussed businesses outside of Hong Kong and the UK, its Global Private Bank, and its wealth manufacturing businesses, Asset Management and Insurance.
Barry O’Byrne will lead International Wealth and Premier Banking.
GEOGRAPHIC GOVERNANCE CHANGES
As part of HSBC’s new Group organisational structure, the company is simplifying its geographic set up.
The “Eastern Markets” will bring together the Asia-Pacific region (APAC) and the Middle East region (MENAT) and will be overseen by David Liao and Surendra Rosha.
The “Western Markets” will comprise the non-ring-fenced bank in the UK, HSBC’s Continental European business and the Americas and will be overseen by Michael Roberts.
In line with the more simplified structure, the Group Executive Committee of 18 members will be replaced by a new Group Operating Committee comprised of 12 members. The Group OpCo will serve as the leading decision-making executive committee of the firm.
These changes will be effective from 1 January 2025.
