New HSBC boss continues leadership reshuffle with more executives to depart
HSBC has announced the departure of several senior executives in the latest leadership reshuffle overseen by its new chief executive.
Georges Elhedery, who succeeded Noel Quinn in September, said the changes will help Europe’s biggest bank “better focus on the businesses where we have clear competitive advantage”.
They are part of a sweeping restructuring of the London-based, Asia-focused lender’s global operations first laid out in October.
On Thursday, HSBC unveiled the appointment of senior leadership teams across its four new businesses, as well as the wider group operating committee.
Adam Bagshaw was named as global head of investment banking within HSBC’s newly-created corporate and institutional banking business led by Michael Roberts.
Bagshaw was formerly co-head of global banking with Matthew Ginsburg, who is due to retire in March.
The bank said global private banking and wealth chief Annabel Spring, one of its most senior female executives, will leave HSBC at the end of this year due to its decision to separate the two units.
Gabriel Castello has been appointed interim CEO of global private banking, while Lavanya Chari was named head of wealth and premier solutions within the newly-formed international wealth and premier banking (IWPB) unit.
HSBC said it will create a new role of chief commercial officer for the division, based in Hong Kong, with a recruitment process due to start imminently.
The bank also named new heads for its regional IWPB businesses in Asia and the Middle East, adding that it will create a new role for the Americas and Europe.
It said Juan Parma, a 28-year veteran of the group who currently leads HSBC’s wealth and personal banking in the Americas, has chosen to leave the bank in March.
HSBC added that Taylan Turan will also leave, after acting in “a transitional role leading IWPB’s integration” until July 2025.
Elhedery has quickly made his mark at HSBC with sweeping changes designed to streamline the bank’s sprawling operations and reduce costs as it faces lower profits from interest rates.
“In October, we set out our plan to create a simpler, more dynamic, agile structure at HSBC,” Elhedery said on Thursday.
“We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities.”
He previously confirmed the restructuring would involve job cuts among senior bankers, while it emerged last month that HSBC was forcing some managers to reapply for their jobs.
Elhedery said that while HSBC was “introducing these changes at pace, the process has been measured, thoughtful and fair”.
Several senior managers have exited HSBC in recent months, including group sustainability officer Celine Herweijer, Middle East head Stephen Moss, rumoured CEO candidate Nuno Matos and Colin Bell, who led the bank’s European business.
The majority of the appointments announced on Thursday will take effect on 1 January 2025, in line with HSBC’s structural reorganisation.