On October 29th, according to the website of Radio Television Hong Kong, HSBC Holdings CEO Alan Tam emphasized that the strategy being implemented will not change and there is no intention to split the group through the plan. He believes that international connections are the unique advantage of the group, and simplifying geographical settings does not involve any geopolitical considerations. The main purpose is to simplify operations and respond to customer needs faster and simpler.
Ai Qiaozhi said that one of the goals of the plan is to simplify some senior positions, cut redundant roles, and there will be senior resignations in the coming months, but there is currently no specific target for the number of layoffs. He reiterated that the group will maintain cost control discipline and will announce the scale of cost savings that can be achieved by simplifying the organizational structure in February, and believes that the results will be seen soon.
On October 22nd, HSBC Holdings announced on the Hong Kong Stock Exchange that it is simplifying its organizational structure into four major businesses to accelerate the implementation of priority strategies. Starting from January 1, 2025, HSBC will operate through the following four businesses, each with clear responsibilities, including Hong Kong, UK, Corporate and Institutional Wealth Management, International Wealth Management, and Premier.