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HSBC HOLDINGS CEO Reiterates Streamlining of Structure Not Poised for Ring-fence
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HSBC HOLDINGS (00005.HK) CEO Georges Elhedery said at the results conference that the restructuring is intended to simplify the bank's organizational structure and operating methods, allowing its staff to make decisions more swiftly and provide better service to customers. HSBC HOLDINGS had announced last week that it would streamline its organizational structure, reigniting the debate about a ring-fence of the group. The new structure will prepare the group for the next stage of growth, said the CEO, reiterating that the purpose of streamlining is not poised for spin-off. Elhedery expected that the severance compensation plan will heighten the group's expenses in the short term, but it will bode well for the overall operating expenses in the long run. Under the streamlined structure of HSBC, which has been simplified from five geographical regions to two, the group will be able to make decisions more simply and swiftly, said the CEO. AAStocks Financial News |
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