HSBC Reshuffles Senior Team
In preparing the groundwork for a new direction under its next chief, HSBC Holdings has started to reshuffle top management.
The bank is expected to announce the retirement Marc Moses, chief risk officer, and board member, according to a report in «Bloomberg» (behind paywall) quoting people familiar with the situation. He is likely to be replaced by Pam Kaur, head of wholesale market and credit risk.
Moses' departure would mark the most senior exit from the business since the ouster of former chief executive John Flint. Chairman Mark Tucker said the bank needed a change of leadership to adapt to an increasingly complex business environment. Moses’s departure has been in the works since before Flint’s, and Kaur has been preparing to replace him for several months, one of the people said.
More Focus In Asia
HSBC's new chief could focus more of its resources on Asia, where it reckons it can make a better return on its shareholders’ capital. Tucker told employees at an internal meeting recently that more than 30 percent of the bank’s capital was generating returns of less than 1 percent.
HSBC's interim Chief Executive Officer Noel Quinn, is reviewing the entire business. Quinn is aiming to get the top job on a permanent basis and is considered one of the front-runners for the post. Speaking in an internal video in October, Quinn told staff that he was more than a «caretaker» CEO.
Split Leadership In Investment Bank
Samir Assaf, widely known as the «last man standing», is due to step down in the coming months, as finews.asia reported earlier. Meanwhile, the London-based firm has decided to split the leadership of its investment bank, the «Bloomberg» report added.
Gregory Guyett and Georges Elhedery will jointly run the unit once Samir Assaf steps down. Guyett is currently head of global banking, while Elhedery runs HSBC’s global markets business.
