HSBC has announced the completion of a significant phase in its global reorganisation efforts aimed at simplifying the bank's structure. This move is intended to enhance the delivery of HSBC's strategic goals by streamlining operations into four primary business sectors.
The recent stage was executed swiftly, with HSBC appointing senior leadership teams across these sectors and updating its Group Operating Committee. Georges Elhedery, HSBC Group CEO, stated: "In October, we set out our plan to create a simpler, more dynamic, agile structure at HSBC."
He further commented on the progress: "We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities." The restructuring aims to focus on areas where HSBC holds competitive advantages and sees growth opportunities. Elhedery added that while changes are being made rapidly, they have been carried out thoughtfully and fairly. He also expressed gratitude towards those departing from the bank for their contributions.
Additional updates regarding this reorganisation will be shared during HSBC's Full Year results announcement in February. The current changes are scheduled to take effect from January 1, 2025.
HSBC Holdings plc is headquartered in London and operates globally in 60 countries and territories. As of September 30, 2024, it held assets amounting to US$3,099 billion.