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HSBC on Tuesday named veteran insider Pam Kaur as its first female chief financial officer and announced a consolidation of the bank into four business units.
Kaur will assume her role on January 1, according to regulatory filings with the Hong Kong Stock Exchange, taking over from interim Chief Financial Officer Jon Bingham.
This is the second major leadership change for HSBC in recent months, after former finance boss Georges Elhedery was appointed group CEO in July.
The bank also announced plans to streamline its operations in an effort to “reduce the duplication of processes and decision-making.” From January it will operate from four divisions: Hong Kong, UK, international wealth and leading banks, and corporate and institutional banking.
“The new structure will result in a simpler, more dynamic and agile organization as we focus on executing our strategic priorities, which remain unchanged,” Elhedery said in a statement on Tuesday, adding that the shake-up will help propel HSBC in its “next” phase of growth.”
The bank’s new corporate and institutional banking unit will bring together its commercial banking operations (outside Hong Kong and Great Britain), global banking and markets operations and wholesale banking operations in Western markets.
This latest news item is being updated.