HSBC chief executive Georges Elhedery has insisted that his plan to divide the bank’s operations into “eastern” and “western” sections is not a step towards a formal split.
Elhedery made the comments as the bank reported a rise in pre-tax profits and a share buyback of up to $3bn, in quarterly earnings released days after he unveiled plans for a sweeping overhaul on geographical lines.
“This is not either a precursor, or intention, or preparation for any split,” he said during a media call on Tuesday.
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