HSBC has announced a significant overhaul, dividing its operations into eastern and western markets. This move aims to reduce costs and navigate rising geopolitical tensions between China and the West. The bank will set up a new operating committee to manage four lines of business, including a standalone UK division and a Hong Kong division. The reorganization reflects HSBC's historical complications in its global banking model.

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