HSBC Holdings PLC named Kevin Martin COO of its new global wealth and personal banking division after recently appointing its head, Reuters reported Feb. 20.

Martin, the regional head of the lender's Asia-Pacific retail banking and wealth management business since 2014, will also head digital initiatives at the new unit. His successor at the Asia Pacific unit will be announced later, according to the report.

The move is part of the lender's recently announced strategy shift to simplify its organizational structure and cutting costs in underperforming businesses.

The business plan entails combining its private and retail wealth management business to create a wealth manager with $1.4 trillion in assets, the report said.

The banking giant booked a $5.97 billion net attributable profit for 2019 versus $12.61 billion in 2018.