22 October 2024
HSBC HOLDINGS
PLC
SIMPLIFIED
ORGANISATIONAL STRUCTURE TO ACCELERATE STRATEGIC
EXECUTION
HSBC Holdings plc (the 'Company')
today announces that it is simplifying its organisational structure
into four businesses to accelerate delivery against its strategic
priorities.
HSBC Group Chief Executive Officer,
Georges Elhedery, commented:
"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 organisation as we
focus on executing against our strategic priorities, which remain
unchanged.
"I am excited about the
opportunities ahead of us and firmly believe that this structure
sets us up to deliver the next phase of growth. Our home markets of
the UK and Hong Kong, together with our corporate and institutional
banking as well as our wealth and Premier banking businesses, are
the core strengths of HSBC.
"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. This is how we will fast forward our plans
to execute our strategy, unleash the full potential of the bank and
ensure our talented colleagues can thrive, and deliver best in
class products and service excellence, for our customers. When our
customers succeed, so do we."
From 1 January 2025, the Company
will operate through four businesses with clear lines of
responsibility:
1. Hong Kong
2. UK
3. Corporate and Institutional
Banking
4. 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 Group's functions will be
realigned to support the four new businesses.
HONG KONG
Being the market leader in our home
market of Hong Kong is one of our clear strengths as a business and
remains a top strategic priority. The new "Hong Kong Business" will
comprise "Personal Banking" and "Commercial Banking" under the
business oversight of David Liao and Surendra Rosha at the Group
Operating Committee, for both HSBC as well as Hang Seng
Bank.
UK
Our UK ring-fenced bank has a
leading market position in our home market of the UK and will
continue to be a critical pillar of our strategy. The new "UK
Business" will comprise UK "Personal Banking" (including First
Direct and M&S Bank) and UK "Commercial Banking," including
Innovation Banking under the sole business oversight of Ian
Stuart.
CORPORATE AND INSTITUTIONAL BANKING
We are a market leader in global
wholesale banking, especially in cross-border Transaction Banking,
and in Capital Markets, underpinned by a strong balance sheet with
an enviable deposit franchise. HSBC's global network remains a key
differentiator of our business, with our presence in more than 50
markets.
We are creating a new Corporate and
Institutional Banking business through the integration of our
Commercial Banking business (outside the UK and Hong Kong) with our
Global Banking and Markets business and with the geographic region
of the Western Markets (comprising our UK non ring-fenced bank,
Europe, and the Americas), which is a predominantly wholesale
banking region.
Michael Roberts will lead Corporate
and Institutional Banking and Western Markets.
INTERNATIONAL WEALTH AND PREMIER BANKING
One of our greatest strategic growth
opportunities is in international wealth - particularly in Asia and
the Middle East, capitalising on our established brand and
heritage.
Our new International Wealth and
Premier Banking business will bring together our Premier banking
focussed businesses outside of Hong Kong and the UK, our Global
Private Bank, and our wealth manufacturing businesses, Asset
Management and Insurance.
Barry O'Byrne will lead
International Wealth and Premier Banking.
GEOGRAPHIC GOVERNANCE CHANGES
As part of our new Group
organisational structure, we are simplifying our geographic set
up.
The "Eastern Markets" will bring
together the Asia-Pacific region (APAC) and the Middle East region
(MENAT) and will be overseen by David Liao and Surendra
Rosha.
The "Western Markets" will comprise
the non-ring-fenced bank in the UK, our Continental European
business and the Americas and will be overseen by Michael
Roberts.
NEW
GROUP OPERATING COMMITTEE
In line with the more simplified
structure, the Group Executive Committee of 18 members will be
replaced by a new Group Operating Committee comprised of 12
members. The Group OpCo will serve as the leading decision-making
executive committee of the firm.
These changes will be effective from
1 January 2025.
Further details will be announced
alongside the 2024 Full Year results.
For and on behalf of
HSBC Holdings plc
Aileen Taylor
Company Secretary
HSBC Holdings plc
Registered Office and Group Head Office:
8 Canada Square, London E14 5HQ,
United Kingdom
Web: www.hsbc.com
Incorporated in England with limited liability. Registered in
England: number 617987
Note to editors:
Board of Directors
The Board of Directors of HSBC
Holdings plc as at the date of this announcement
comprises:
Sir Mark Edward Tucker*, Georges
Bahjat Elhedery, Geraldine Joyce Buckingham†, Rachel
Duan†, Dame Carolyn Julie Fairbairn†, James
Anthony Forese†, Ann Frances Godbehere†,
Steven Craig Guggenheimer†, Dr José Antonio Meade
Kuribreña†, Kalpana Jaisingh Morparia†,
Eileen K Murray†, Brendan Robert Nelson† and
Swee Lian Teo†.
*
Non-executive Group Chairman
† Independent non-executive
Director
HSBC Holdings plc
HSBC Holdings plc, the parent
company of HSBC, is headquartered in London. HSBC serves customers
worldwide from offices in 60 countries and territories. With assets
of US$2,975bn at 30 June 2024, HSBC is one of the world's largest
banking and financial services organisations.
Media enquiries to:
Heidi
Ashley +44 (0) 7920
254057
heidi.ashley@hsbc.com
