HSBC is considering installing its head of Asia to lead a newly-combined commercial and investment banking unit as the UK lender prepares a fresh wave of cost-cutting under chief executive Georges Elhedery.

HSBC could make Surendra Rosha, co-chief executive of its Asia-Pacific business, in charge of commercial and global banking, the Financial Times reported, citing people familiar with the matter. Patrick George, who is currently global head of markets and securities services, could take on the role of head of markets, it added.