In the latest changes under new CEO Georges Elhedery, HSBC has reorganized its global business structure.

HSBC has changed its organizational structure into four businesses, according to a statement, effective 1 January 2025. The four business lines will include: Hong Kong; UK; corporate and institutional banking; and international wealth and premier banking.

«The changes will reduce the duplication of processes and decision-making that are built into the current structure and will result in greater alignment and agility in serving our customers,» the bank said. «The Group’s functions will be realigned to support the four new businesses.»

Home Markets

The bank’s home markets of Hong Kong and UK will be the only business lines with a dedicated geographic focus.

The Hong Kong business will include personal banking and commercial banking under the oversight of David Liao and Surendra Rosha at the group operating committee, for both HSBC as well as local subsidiary Hang Seng Bank.

Under a ring-fenced bank, the UK business will comprise personal banking (including First Direct and M&S Bank) and commercial banking (including innovation banking). The business will be under the oversight of Ian Stuart.

Corporate, Institutional and Wealth

Within the corporate and institutional banking business, commercial banking outside Hong Kong and the UK will be integrated with global banking and markets as well as the Western markets (including the UK non-ring-fenced bank, Europe and the Americas). Michael Roberts will lead corporate and institutional banking alongside the Western markets.

Finally, the wealth and premier banking business will cover markets outside of Hong Kong and the UK, the global private bank as well as the wealth manufacturing business, asset management and insurance. The fourth unit will be led by Barry O’Byrne.

Geographic Governance

As part of the restructuring, HSBC will also reorganize its global businesses geographically into two parts.

In addition to the aforementioned Western market overseen by Roberts, the Eastern markets will include Asia Pacific and the MENAT (Middle East, North Africa and Turkey) region, overseen by Liao and Rosha.

Group Operating Committee

A new 12-member group operating committee will serve as the leading decision-making committee for HSBC, replacing the previous 18-member group executive committee. Further details will be announced along with the bank’s 2024 annual results.

«The changes that we are announcing today will make it easier for our colleagues to serve our customers and drive the future success of the Group. The new structure will result in a simpler, more dynamic, and agile organization as we focus on executing against our strategic priorities, which remain unchanged,» commented group CEO Georges Elhedery.

«By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.»