The Turnover Value Index of Wholesale Trade, during the first quarter of 2024, also recorded an increase of 3.2%, compared to the corresponding quarter of the previous year.
The largest increase was recorded in non-specialised wholesale trade with 18.5%, followed by wholesale trade of information and communication equipment with 15.4%.
The largest decrease, 26.7%, was recorded in wholesale trade in agriculture raw materials and live animals.
HSBC is undergoing significant changes as part of a strategic restructuring led by new CEO Georges Elhedery. The bank is merging its commercial and investment banking units in a bid to streamline its operations, cut costs, and enhance efficiency. This transformation includes consolidating its business into four divisions: UK, Hong Kong, corporate and institutional banking, and wealth banking. The newly formed corporate and institutional banking division will integrate commercial banking with its global banking and markets business, along with its Western wholesale operations.
A notable aspect of this overhaul is the appointment of Pam Kaur, HSBC’s first female Chief Financial Officer, marking a historic moment for the bank. Kaur, who has been with HSBC since 2013 and currently serves as Chief Risk and Compliance Officer, will step into this leadership role at a time when the bank is under pressure to reduce expenses and optimize its business structure.
Other leadership shifts include Greg Guyett assuming a new role as Chair of the Strategic Clients Group and the departure of Colin Bell, CEO of HSBC Bank and Europe, who is leaving to pursue other opportunities. HSBC has been gradually reducing its presence in Western markets like the U.S., France, and Canada to focus on its stronger foothold in Asia.
These changes are part of HSBC’s broader efforts to simplify operations and position itself for future success in an increasingly competitive and cost-sensitive environment.
