HSBC Holdings appointed Pam Kaur as its female finance chief, replacing Georges Elhedery, who was assigned this position earlier this year. It also announced the merging of some of its commercial and banking businesses.
Under the revamp, the company will restructure its operations into four distinct business lines: Hong Kong, UK, Corporate and institutional banking, and international wealth and premier banking, effective Jan 1, 2025.
HSBC, one of the world’s largest banking and financial organisations, employs 214,000 people. Now, it’s planning to remove duplicate roles and reduce business in Western markets like the United States, France, and Canada. The company is planning to focus on Asia to bolster income, as a result, this overhaul came.
Georges Elhedery, now the CEO of HSBC, stated, “The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged.”
The 60-year-old Pam Kaur joined the bank as group head of internal audit in April 2013. Later, she served the company as chief risk and compliance officer. She has also worked in senior positions in top global banks, such as Citigroup’s global director of compliance for consumer banking and Deutsche Bank’s global head of group audit. With constant dedication and hard work, Pam Kaur might become one of the best CFOs in Asia.