HSBC's new boss has announced a major overhaul of the bank's structure, splitting geographically into eastern and western markets amid increasing geopolitical tensions and a need to cut costs. The bank said that it was simplifying operations by splitting into four key units, which will see its commercial and institutional banking divisions merged.

By Selena Li, Lawrence White and Sinead Cruise HONG KONG/LONDON (Reuters) -HSBC merged some operations and split its geographic footprint into East and West in a sweeping restructuring under new CEO Georges Elhedery that also included the appointment of the bank's first female finance chief.