EXHIBIT 99.1

22 October 2024

HSBC HOLDINGS PLC

SIMPLIFIED ORGANISATIONAL STRUCTURE TO ACCELERATE STRATEGIC EXECUTION

HSBC Holdings plc (the ‘Company’) today announces that it is simplifying its organisational structure

into four businesses to accelerate delivery against its strategic priorities.

HSBC Group Chief Executive Officer, Georges Elhedery, commented:

“The changes that we are announcing today will make it easier for our colleagues to serve our

customers and drive the future success of the Group. The new structure will result in a simpler, more

dynamic, and agile organisation as we focus on executing against our strategic priorities, which

remain unchanged.

“I am excited about the opportunities ahead of us and firmly believe that this structure sets us up to

deliver the next phase of growth. Our home markets of the UK and Hong Kong, together with our

corporate and institutional banking as well as our wealth and Premier banking businesses, are the

core strengths of HSBC.

“By making these changes, we can better focus on increasing leadership and market share in those

businesses which have clear competitive advantage and the greatest opportunities to grow. This is

how we will fast forward our plans to execute our strategy, unleash the full potential of the bank and

ensure our talented colleagues can thrive, and deliver best in class products and service excellence,

for our customers. When our customers succeed, so do we.”

From 1 January 2025, the Company will operate through four businesses with clear lines of

responsibility:

1.Hong Kong

2.UK

3.Corporate and Institutional Banking

4.International Wealth and Premier Banking

The changes will reduce the duplication of processes and decision making that are built into the

current structure and will result in greater alignment and agility in serving our customers. The Group’s

functions will be realigned to support the four new businesses.

HONG KONG

Being the market leader in our home market of Hong Kong is one of our clear strengths as a business

and remains a top strategic priority. The new “Hong Kong Business” will comprise “Personal Banking”

and “Commercial Banking” under the business oversight of David Liao and Surendra Rosha at the

Group Operating Committee, for both HSBC as well as Hang Seng Bank.

UK

Our UK ring-fenced bank has a leading market position in our home market of the UK and will

continue to be a critical pillar of our strategy. The new “UK Business” will comprise UK “Personal

Banking” (including First Direct and M&S Bank) and UK “Commercial Banking,” including Innovation

Banking under the sole business oversight of Ian Stuart.

CORPORATE AND INSTITUTIONAL BANKING

We are a market leader in global wholesale banking, especially in cross-border Transaction Banking,

and in Capital Markets, underpinned by a strong balance sheet with an enviable deposit franchise.

HSBC’s global network remains a key differentiator of our business, with our presence in more than

50 markets.

We are creating a new Corporate and Institutional Banking business through the integration of our

Commercial Banking business (outside the UK and Hong Kong) with our Global Banking and Markets

business and with the geographic region of the Western Markets (comprising our UK non ring-fenced

bank, Europe, and the Americas), which is a predominantly wholesale banking region.

Michael Roberts will lead Corporate and Institutional Banking and Western Markets.

INTERNATIONAL WEALTH AND PREMIER BANKING

One of our greatest strategic growth opportunities is in international wealth – particularly in Asia and

the Middle East, capitalising on our established brand and heritage.

Our new International Wealth and Premier Banking business will bring together our Premier banking

focussed businesses outside of Hong Kong and the UK, our Global Private Bank, and our wealth

manufacturing businesses, Asset Management and Insurance.

Barry O’Byrne will lead International Wealth and Premier Banking.

GEOGRAPHIC GOVERNANCE CHANGES

As part of our new Group organisational structure, we are simplifying our geographic set up.

The “Eastern Markets” will bring together the Asia-Pacific region (APAC) and the Middle East region

(MENAT) and will be overseen by David Liao and Surendra Rosha.

The “Western Markets” will comprise the non-ring-fenced bank in the UK, our Continental European

business and the Americas and will be overseen by Michael Roberts.

NEW GROUP OPERATING COMMITTEE

In line with the more simplified structure, the Group Executive Committee of 18 members will be

replaced by a new Group Operating Committee comprised of 12 members. The Group OpCo will

serve as the leading decision-making executive committee of the firm.

These changes will be effective from 1 January 2025.

Further details will be announced alongside the 2024 Full Year results.

For and on behalf of

HSBC Holdings plc

Aileen Taylor

Company Secretary

HSBC Holdings plc

Registered Office and Group Head Office:

8 Canada Square, London E14 5HQ, United

Kingdom

Web: www.hsbc.com

Incorporated in England with limited liability. Registered in England: number 617987

Note to editors:

Board of Directors

The Board of Directors of HSBC Holdings plc as at the date of this announcement comprises:

Sir Mark Edward Tucker*, Georges Bahjat Elhedery, Geraldine Joyce Buckingham†, Rachel Duan†,

Dame Carolyn Julie Fairbairn†, James Anthony Forese†, Ann Frances Godbehere†, Steven Craig

Guggenheimer†, Dr José Antonio Meade Kuribreña†, Kalpana Jaisingh Morparia†, Eileen K Murray†,

Brendan Robert Nelson† and Swee Lian Teo†.

* Non-executive Group Chairman

† Independent non-executive Director

HSBC Holdings plc

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves

customers worldwide from offices in 60 countries and territories. With assets of US$2,975bn at 30 June

2024, HSBC is one of the world’s largest banking and financial services organisations.

Media enquiries to:

Heidi Ashley        +44 (0) 7920 254057    heidi.ashley@hsbc.com