The bank will also divide into four businesses as it seeks to cut costs and navigate rising geopolitical tensions

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HSBC’s new chief executive, Georges Elhedery, has unveiled an overhaul of the bank, dividing it into four businesses and a new geographical setup that splits operations into east and west in an effort to cut costs and navigate rising geopolitical tensions.

The bank also announced the promotion of its chief risk and compliance officer, Pam Kaur, to chief financial officer, the first woman to occupy the role in HSBC’s 159-year history. A qualified chartered accountant, she joined as head of audit in 2013 and has almost 40 years’ experience working for UK, US and German banks.