By Lars Mucklejohn HSBC’s new chief executive has made his play to cut costs and home in on core divisions for the next phase of growth at Europe’s biggest bank. Georges Elhedery, the lender’s ex-finance chief who succeeded Noel Quinn last month, announced a sweeping restructuring on Tuesday that will reorganise the group’s existing three divisions into four new units. Among the changes, to take effect on 1 January 2025, HSBC will merge global commercial and investment banking operations. The bank will also split up its UK and Hong Kong businesses into standalone units and create a new wealth …