HSBC chief executive Georges Elhedery has announced an overhaul of the bank that would split it into four divisions and create a new geographic set-up separating east from west. The bank will split off its UK and Hong Kong businesses into new units,

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 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 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 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 has unveiled a major overhaul, announcing a new geographic setup, consolidated operations and a new CFO — the lender's first female finance chief.