HSBC appoints new CFO, announces restructure
By Josh White
Date: Tuesday 22 Oct 2024
(Sharecast News) - HSBC announced the appointment of its new chief financial officer on Tuesday, as well as a number of key structural changes aimed at enhancing strategic execution and leadership.
The FTSE 100 Anglo-Asian banking group said Pam Kaur will take on the role of group CFO and join the board from 1 January.
It said Kaur, currently group chief risk and compliance officer, had been with the bank since 2013, having nearly 40 years of experience in financial services with a background in risk, capital, and balance sheet management.
"We had a strong bench of internal and external candidates to choose from and Pam was the exceptional candidate to recommend to the board," said group chief executive officer Georges Elhedery.
"I look forward to partnering with her for the next stage of the bank's growth and development."
At the same time, HSBC said it would streamline its operations by reorganising into four core business units - Hong Kong, UK, Corporate and Institutional Banking, and International Wealth and Premier Banking.
The board said the new structure was designed to reduce duplication and improve agility, aligning HSBC's resources more effectively to its strategic goals.
It said the Hong Kong and UK units would focus on personal and commercial banking in their respective markets.
Meanwhile, Corporate and Institutional Banking would integrate the commercial banking business outside of Hong Kong and the UK with global banking, targeting cross-border services.
International Wealth and Premier Banking would leverage HSBC's strong brand in Asia and the Middle East to drive growth in wealth management.
Additionally, the bank said its geographic operations will be restructured into Eastern and Western Markets, with leadership from existing executives.
HSBC said its 18-member group executive committee would be replaced by a leaner 12-member group operating committee, streamlining decision-making at the top level.
"The changes that we are announcing today will make it easier for our colleagues to serve our customers and drive the future success of the group," Georges Elhedery explained.
"The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged.
"I am excited about the opportunities ahead of us and firmly believe that this structure sets us up to deliver the next phase of growth."
Elhedery said the company's home markets of the UK and Hong Kong, together with its corporate and institutional banking as well as its wealth and Premier banking businesses, were its core strengths.
"By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow.
"This is how we will fast forward our plans to execute our strategy, unleash the full potential of the bank and ensure our talented colleagues can thrive, and deliver best in class products and service excellence, for our customers."
Reporting by Josh White for Sharecast.com.
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