Company: HBCYF
Filing Date: 2025-02-19
Form Type: 6-K
Source: 0001654954-25-001665
Chunk: 10

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-19
Form: 6-K
Chunk 10
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. We are adapting to help our customers navigate new complexities. By doing so, we will open up a world of opportunity as we serve their needs, delivering on our strategy.

Since assuming the role in September, I have focused on injecting energy and intent into the way we deliver our strategy. We are being more agile in the way we allocate our resources and invest to prepare for the future. That includes retiring non-strategic assets and embracing the productive power of new technologies and tools to modernise HSBC and enhance the way we serve our customers.

We have renewed vigour in finding the efficiencies that will optimise our resource allocation, be that geographical, business line or balance sheet. This will enhance the way we actively and dynamically manage costs and capital, and target investments.

We will be guided by three overarching priorities:

- Focus on our customers, delivering high levels of satisfaction;

- Drive long-term growth by focusing on our strengths, increasing our leadership and market share in the areas where we can generate attractive returns;

- Simplify our structure and operating model. Reshape and rationalise our portfolio, to meet the needs of a fast-changing world.

To achieve this, I have put in place a smaller, core team of exceptionally talented leaders. They are each committed to fostering a culture of excellence for our colleagues, driven by a growth-orientated mindset. HSBC's many talented colleagues around the world are key to delivering the exceptional customer experience that will drive our future growth.

We have also simplified the organisation in two important ways.

First, by moving away from a complex matrix governance structure built around three business lines and five geographical regions to create four new businesses. Each firmly rooted in our core strengths:

- Corporate and Institutional Banking, which combines our two wholesale businesses;

- International Wealth and Premier Banking, to focus on accelerating the build out of our global wealth proposition;

- Our two home markets of Hong Kong and the UK, where we have scale and market-leading positions.

HSBC's supporting infrastructure is being simplified and realigned to enable these four businesses to grow.

Simply put, we are aligning our structure to our strategy.

Second, we are significantly improving our operating model, led by a tighter team at the Group Operating Committee, that will:

- Provide clarity of accountability, empower colleagues to make faster decisions and accelerate the pace at which we generate greater productivity;

- Make HSBC simple, with fewer management lines and layers, and less committees, designed to reduce bureaucracy, create closer collaboration, emphasise teamwork, and facilitate the flow of ideas and innovation;