HSBC appoints Pam Kaur as its first female CFO during significant corporate restructuring.

• On Tuesday, HSBC appointed Pam Kaur, a longtime insider, as its first female finance chief and also announced the consolidation of the bank into four business units.
• In recent months, HSBC has experienced its second leadership change, with former finance chief Georges Elhedery being appointed CEO of the group.
• The bank unveiled plans to restructure into four divisions: Hong Kong, U.K., international wealth and premier banking, and corporate and institutional banking.

On Tuesday, the bank appointed Pam Kaur as its first female finance chief and announced the consolidation of the bank into four business units.

According to regulatory filings with the Hong Kong bourse, Kaur will assume her post on Jan. 1, replacing interim Chief Financial Officer Jon Bingham.

In recent months, HSBC has experienced its second leadership change, with former finance chief Georges Elhedery being appointed CEO of the group.

The bank announced plans to reduce duplication of processes and decision making by operating through four divisions: Hong Kong, U.K., international wealth and premier banking, and corporate and institutional banking, effective from January.

"According to Elhedery, the new structure will simplify, dynamize, and make the organization more agile as it focuses on executing its strategic priorities, which remain unchanged. The shakeup will help HSBC grow in its next phase, Elhedery stated on Tuesday."

The bank's new corporate and institutional banking unit will consolidate its commercial banking business (excluding Hong Kong and the U.K.), global banking and markets business, and Western markets wholesale banking operations.

This breaking news story is being updated.