AK&M 22 October 2024 18:35
The British financial company HSBC Holdings plc has decided to simplify the organizational structure by dividing it into four divisions, taking into account strategic priorities. This is reported in a press release from HSBC.
From the point of view of HSBC management, the new structure will create a simpler, more dynamic and flexible organization in order to focus on the implementation of strategic plans and strengthen the positions of subsidiaries that have clear competitive advantages and the greatest opportunities for growth.
From January 1, 2025, HSBC’s structure will include four divisions with a clear division of responsibilities in four areas: Hong Kong, the United Kingdom, Corporate and institutional banking (Corporate and Institutional Banking) and global asset management of wealthy clients (International Wealth and Premier Banking).
The restructuring will reduce duplication of processes and decision-making and ensure greater consistency and flexibility in customer service.
As Hong Kong is one of the obvious strengths of HSBC’s business, it remains a top strategic priority. The Hong Kong Business division will include the Personal Banking and Commercial Banking segments.
HSBC holds key positions in the UK domestic market, which, accordingly, will remain the strategic basis for the bank. The UK Business division will include the UK Personal Banking (including First Direct and M&S Bank) and UK Commercial Banking (including Innovation Banking) segments.
As part of the new organizational structure, HSBC simplifies the geography of its presence, in particular, the Eastern Markets sector will combine the Asia-Pacific region (APAC) and the Middle East region (MENAT), and the Western Markets sector will include a bank in the UK and business in Continental Europe (Continental European) and South America/North America (Americas).
Under a more simplified structure, HSBC’s 18-member Executive Committee will be replaced by a new 12-member Operating Committee.
All changes will take effect on January 1, 2025.
HSBC (Hongkong and Shanghai Banking Corp.) is one of the largest financial companies in the world. The bank’s retail network includes 4,000 branches in 67 countries in Asia, Europe, North America, South America and Africa and serves 39 million customers. The headquarters is located in London.
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