HSBC unveiled a revamped structure designed to cut costs, at a time when falling interest rates are likely to eat into income at Europe's biggest bank by assets Under the [plan laid out Tuesday](

HSBC Holdings Plc unveiled a broad restructuring across different business lines and geographies as newly appointed Chief Executive Officer Georges Elhedery embarks on an ambitious effort to cut costs at the banking behemoth.

HSBC Restructures Banking Operations Under New CEO Georges Elhedery On Tuesday, HSBC Holdings unveiled a major overhaul of its banking operations, merging its commercial and investment banking sectors under

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, which will see its commercial and institutional banking divisions merged.

The restructuring of Europe’s largest lender comes as it looks to cut costs and navigate a diplomatic minefield across its sprawling operations.

The changes, set to take effect from January 2025, will see the bank simplified into four key units: UK, Hong Kong, corporate and institutional banking, and international wealth and premier banking