Morning, I’m Louise Moon from Bloomberg UK’s breaking news team, bringing you up to speed on today’s top business stories. While you’ve been sleeping, HSBC reinvented itself. The dual-listed bank has appointed its first ever female CFO, Pam Kaur, in a 159-year history, and unveiled a large reorganisation of its structure. Global commercial and institutional banking will combine, and a new international wealth and premier banking business is to be set up. Geographies will be divided in a more “agile” way, notably with the UK and Hong Kong as standalone units. As part of it all, some top executives are leaving. A lot of change. Why? Well, new CEO Georges Elhedery is making his mark with an ambitious cost-cutting journey which is needed as central banks cut interest rates. But more broadly, a new strategy could also help stave off any resurgence of previous pressure to separate the business and improve returns. Those over at Bloomberg Intelligence, however, say the overhaul is “long on promise, yet still short on details”. Shares dipped in early London trading. What’s your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond. |