HSBC Holdings Plc is making big changes to its management in Asia to improve how they serve customers. The bank is giving country leaders in smaller markets more responsibilities to make things simpler and cut down on extra layers of management.
Starting March 1, Peter Kim will be in charge of banking in Korea, in addition to being the CEO. Tim Evans will have a similar role in Vietnam. An internal memo from the bank confirmed these changes. A spokesperson mentioned that these changes will create a simpler organization, allowing HSBC to provide better service and meet their goals more quickly.
Other leaders like Omar Siddiq, Adam Chen, and Giorgio Gamba will also take on extra jobs in Malaysia, Taiwan, and Thailand. Some employees in commercial and global banking applied for new roles but didn’t succeed.
HSBC’s CEO, Georges Elhedery, who started last year, is making these changes to lower costs and reduce confusion in the company. He has combined parts of the commercial banking division with global banking and markets. The bank is also stepping back from some investment banking activities in Europe and the Americas.
Late last year, HSBC asked many managers to apply again for jobs in a new corporate and institutional banking division. They are changing the titles of some senior staff from “general manager” to “managing director,” which is a title used in many large financial companies.
The bank is also planning to hire a new leader for banking in international markets to oversee countries like Bangladesh, Indonesia, Mauritius, the Philippines, Sri Lanka, Thailand, and Vietnam. In key markets such as China, India, and Singapore, HSBC has appointed Zhenyi Tang, Ajay Sharma, and Gilbert Ng as heads of banking.
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