HSBC’s new chief executive has made his play to cut costs and home in on core divisions at Europe’s biggest bank, including splitting its businesses into Eastern and Western camps amid geopolitical tensions.

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,

HSBC has unveiled a significant restructuring of its business, which will see the global bank rearrange itself along geographical lines and under four operational units instead of the current three. The bank is simplifying its global structure,