HSBC has announced a significant overhaul, dividing its operations into eastern and western markets. The move aims to cut costs and navigate rising geopolitical tensions between China and the West. The bank will establish a new operating committee, with four lines of business: standalone UK division, Hong Kong division, international wealth and premier banking, and corporate and institutional banking.

Source: https://www.wionews.com/business-economy/hsbc-splits-operations-into-east-and-west-divisions-in-a-significant-overhaul-769873