HSBC Holdings has appointed insider Pam Kaur as its first female finance chief, replacing Georges Elhedery who became CEO earlier this year, and announced plans to streamline the bank into four units starting January 1, 2025. The restructuring will divide operations into Hong Kong, UK, corporate and institutional banking, and international wealth and premier banking. HSBC is consolidating its commercial banking, excluding the UK and Hong Kong, with its global banking and markets business. The new corporate and institutional banking unit will encompass wholesale banking activities in Western markets, including UK non-ring-fenced banks, Europe, and the Americas. The changes aim to simplify operations and focus on strategic priorities amid pressure to manage costs.