HSBC’s overhaul will see the bank split into four separate units under the control of two distinct Eastern and Western markets divisions, new CEO Georges Elhedery said

HSBC Holdings plans to restructure its operations into four business units and the bank said it was appointing Pam Kaur, currently the chief risk and compliance officer, as the lender’s first female chief financial officer.

HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. The bank said that it was simplifying operations by splitting into four key units,