HSBC said Tuesday that it would combine some of its commercial and investment banking operations in a major overhaul under its new CEO, which will see it cut costs while trying to improve returns.

HSBC Holdings Plc, in business for 159 years, is making history in its C-suite as it embarks on a company reorganization. Pam Kaur was promoted to CFO—the first woman in the role, the bank announced on Tuesday.

By Selena Li, Lawrence White and Sinead Cruise HONG KONG/LONDON (Reuters) -HSBC merged some operations and split its geographic footprint into East and West in a sweeping restructuring under new CEO Georges Elhedery that also included the appointment of the bank's first female finance chief.