HSBC completes “next stage of global reorganisation”, announces numerous leadership appointments
Banking giant HSBC says it has completed the “next stage of its plans to simplify the bank’s organisational structure”, with the aim to create a “simpler, more dynamic, agile organisation by operating through four key businesses”.
HSBC has announced a number of new leadership appointments
The four key businesses have been defined by the bank as International Wealth and Premier Banking, Corporate and Institutional Banking and HBEU, HSBC UK, and HSBC Asia and Middle East.
The reorganisation, which is taking effect from 1 January 2025, has resulted in a number of new senior leadership appointments across all four businesses and the wider Group Operating Committee.
International Wealth and Premier Banking (IWPB)
The bank says its IWPB unit “will continue to run three global business lines – Global Private Banking, Asset Management, and Insurance – that will retain global oversight of their client portfolios and the teams who support them”.
The bank is also set to split wealth products from its global private banking division, creating a “single centre of expertise in wealth and premier solutions”.
Consequently, HSBC says its CEO of global private banking and wealth, Annabel Spring, will depart the company on 31 December after a five-year tenure to “pursue other opportunities”.
Gabriel Castello, CEO for the Swiss private bank (PBRS) and head of global private banking for EMEA, has been named interim CEO of global private banking. While the search for a permanent successor is ongoing, Castello will continue in his existing roles alongside his interim responsibilities.
HSBC’s global head of investments and wealth solutions, Lavanya Chari, has been appointed head of wealth and premier solutions for IWPB, overseeing mortgages, transaction banking, unsecured lending, and more.
The banking heavyweight has also announced the creation of a new chief commercial officer role within its IWPB division, managing ESG, data and analytics, distribution, contact centres, wealth and premier propositions, and customer experience.
Additionally, several geographic head appointments have been made within the IWPB division, with Kai Zhang named head of IWPB Asia and Dinesh Sharma appointed as head of IWPB Middle East.
Corporate and Institutional Banking (CIB)
According to HSBC, “We are uniting our wholesale banking teams, products, and services under the Corporate and Institutional Banking (CIB) business, positioning us as one of the top three global wholesale banking organisations.”
It says the new entity will include: “Global Payments Solutions (GPS), Global Trade Solutions (GTS), Markets and Securities Services (MSS), Investment Banking, Global Coverage, and key geographies in Europe and the Americas, with leadership appointments effective 1 January 2025, subject to regulatory approval”.
Among the many appointments made following these actions, the most notable is Lisa McGeough’s promotion to US CEO. Having served as co-head of global banking for the past three years, she will now lead efforts to expand HSBC’s wholesale business in the US.
McGeough takes the reigns from Michael Roberts, who has been promoted to CEO of HSBC’s newly merged CIB business.
Before joining HSBC, McGeough spent over 16 years at Wells Fargo, where she held several leadership roles, including head of financial institutions and head of international.
Elhedery was named HSBC’s Group CEO in September (Image: HSBC)
CEO statement
Commenting on the restructuring, Georges Elhedery, HSBC Group CEO, says: “In October, we set out our plan to create a simpler, more dynamic, agile structure at HSBC.
“We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities.”
Elhedery adds the new structure will ensure HSBC can “better focus on the businesses where we have clear competitive advantage and the greatest opportunities to grow”.
“While we are introducing these changes at pace, the process has been measured, thoughtful and fair. On behalf of everyone at HSBC, I would like to thank those who are leaving the bank for their service and commitment,” Elhedery adds.
