HSBC Kicks Off Biggest Restructuring in Decade Under New CEO (2)

HSBC Holdings Plc unveiled a broad restructuring across different business lines and geographies as newly appointed Chief Executive Officer Georges Elhedery embarks on an ambitious effort to cut costs at the banking behemoth.

The lender will combine its global commercial and institutional banking operations under Michael Roberts and is creating a new international wealth and premier banking business that will be overseen by Barry O’Byrne. HSBC also named Pam Kaur as chief financial officer and announced plans to revamp its regional operations around the world.

Taken together, the changes mean HSBC is embarking on its ...