HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs.
The bank said that it was simplifying operations by splitting into four key units, which will see its commercial and institutional banking divisions merged.
The changes are set to take effect in 2025.
HSBC also announced a reshuffle in its leadership ranks, with the appointment of its first female finance chief in the bank's 159-year history.
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