HSBC Holdings has assigned additional responsibility to the heads of states in several smaller Asian markets as part of an effort to streamline operations and eliminate the management layer.
According to the internal notes seen by Bloomberg News, Peter Kim will take on the role of bank director on March 1, along with his position as CEO of South Korea.
Similarly, Tim Evans holds both roles in Vietnam. A spokesman for HSBC confirmed the contents of the memo.
“The changes create a simple organization designed to be better positioned to provide best-in-class service to our customers and accelerate the implementation of our strategic goals.”
The spokesman said.
In Malaysia, Taiwan and Thailand, Omar Siddiq, Adam Chen and Giorgio Gamba will take on dual roles.
However, some commercial and global bank staff have applied for new positions, but were not selected, according to sources familiar with the issue.
HSBC CEO Georges Elhedery, who took over last year, has made major changes to reduce costs, complexity and job redundancy.
Under his leadership, the banks merged the commercial banking sector with global banking and market forces, expanding their investment banking operations in Europe and the United States.
Late last year, HSBC requested hundreds of managers to reapply for positions within the banking sector of newly established companies and institutions.
The bank has also stopped using the “General Manager” titles for some senior staff and instead employs the “Managing Director,” a title that is more commonly used in major financial institutions. The source said.
The memo also revealed that HSBC will appoint new directors of banks and international markets to oversee operations in Bangladesh, Indonesia, Mauripius, the Philippines, Sri Lanka, Thailand and Vietnam.
For the “priority market” in China, India and Singapore, the bank has named Zhenyi Tang, Ajay Sharma and Gilbert Ng as heads of the bank.
Featured Image Credits: HSBC
