HSBC appoints Pam Kaur as its first female CFO as part of a major restructuring

HSBC On Tuesday, veteran insider Pam Kaur named its first female chief financial officer and announced a consolidation of the bank into four divisions.

Kaur is scheduled to take up her post on Jan. 1, according to filings with the Hong Kong stock exchange, succeeding interim chief financial officer Jon Bingham.

This is the second significant leadership change for HSBC in recent months, after former finance chief Georges Elhedery was appointed group CEO back in July.

The bank also announced plans to streamline its operations to “reduce the duplication of processes and decision-making.” Starting in January, the company will operate across four business lines: Hong Kong, UK, International Wealth and Premier Banking, and Corporate and Institutional Banking.

“The new structure will result in a simpler, more dynamic and agile organization as we focus on delivering on our strategic priorities, which remain unchanged,” Elhedery said in a statement on Tuesday, adding that the restructuring will help HSBC in its “next” growth phase.”

The bank’s new corporate and institutional banking unit will bring together its commercial banking business (outside Hong Kong and the UK), global banking and markets business, and wholesale banking business in Western markets.

This breaking news story will be updated.