HSBC Chief Executive Officer Georges Erhedery has dispelled speculation that the bank’s new restructuring of its “East” and “West” divisions signals a separation. financial times Report.
Mr Elhederi stressed that the overhaul, which will see the Hong Kong and UK retail divisions operate independently, is aimed at improving efficiency and responsiveness, rather than dividing the bank in response to global tensions. did.
Rebuild matches HSBCoperates within two main regions: its “Eastern” markets cover Asia Pacific and the Middle East, and its “Western” markets cover Europe, the United Kingdom, and the Americas.
The move will simplify HSBC’s previous five-region model and allow it to better serve customers around the world.
HSBC also reported strong third-quarter results, with pre-tax profit up 10% year-on-year to $8.5 billion, driven by growth in wealth management.
Nevertheless, net interest income decreased, reflecting market challenges, while operating costs increased due to inflation and high-tech investments.
Elhederi noted that further restructuring details and cost reduction plans through job cuts will be announced in February.
Featured image credit: Edited from freepic
