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 it’s creating a new international wealth and premier banking business that will be overseen by Barry O’Byrne. It’s also revamping its regional operations around the world.