HSBC’s top executives have discussed a plan to merge its commercial and investment banking units, bringing together two of its three divisions in what would be a significant move by new chief executive Georges Elhedery to cut costs.
A merger of the two units would come after HSBC said last month that Barry O’Byrne, the global head of its commercial banking business, would move to run its wealth and personal banking unit. He will replace Nuno Matos, who is leaving and had been a leading contender for the chief executive job that Elhedery won this year. The bank did not name O’Byrne’s successor at the commercial bank last month, saying it would be announced “in due course”.
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