HSBC has made a big change. They've picked Pam Kaur to be their first female Chief Financial Officer (CFO). This is a big deal for the bank, as it's been a while since they made such a significant leadership switch. Pam will start her new job on January 1st, taking over from Jon Bingham who was temporarily in charge.

But that's not the only change happening at HSBC. The bank is also restructuring its business. Starting in January, HSBC will have four main divisions: Hong Kong, U. K. , international wealth and premier banking, and corporate and institutional banking. The bank hopes this will make it simpler and more agile. Less "red tape, " as they say.

This isn't the first time HSBC has shaken things up. Just a few months ago, Georges Elhedery moved from being the finance boss to becoming the CEO. HSBC thinks these changes will help them grow in the future.

One of the new divisions, corporate and institutional banking, will combine the commercial banking business, global banking and markets, and wholesale banking operations. It's like they're putting all the big players in one team.

This is a developing story, so stay tuned for more updates.

HSBC Makes History: Pam Kaur Becomes First Female Finance Chief

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