HSBC has initiated a hunt for a new head for its UK operations as current CEO Ian Stuart is set to take on a newly-formed role, marking the latest reshuffle in the evolving bank.

Mr Stuart's new job title will be group customer and culture director, reporting directly to global banking group's CEO, Georges Elhedery, who has been at the helm of sweeping changes since his appointment in September last year.

In his new capacity, Mr Stuart will "consistently challenge the group operating committee in shaping the culture, ensuring that the voice of the customer informs every decision and action we take", Mr Elhedery explained.

READ MORE:

READ MORE:

He further emphasised that a "customer-centric, high-performance culture" is "vital to the long-term success of HSBC". The process to find a new chief executive for HSBC UK is now underway, with Mr Stuart set to assume his new role once a successor is appointed.

Under Mr Elhedery's leadership, HSBC has seen significant changes in its structure and leadership, including reducing geographical units from five to two, dividing parts of the bank into east and west, and initiating job cuts in the UK and globally as it scales back certain investment banking operations. These changes are part of a plan to achieve cost savings worth $1.5bn (£1.2bn) by the end of 2026.