Leadership shuffles continue under the watch of HSBC’s interim chief executive Noel Quinn including the latest appointment of HSBC China's CEO.
Mark Wang Yunfeng, currently HSBC's head of global banking and markets for China, will succeed Liao as president and chief executive of China. A 30-year veteran in the sector, Wang previously held senior roles with Bank of China and Deutsche Bank before joining HSBC in 2005.
Liao will remain with the bank and be shifted to another senior position.
«China is central to HSBC’s strategic aim of accelerating growth from its Asian franchise,» said Peter Wong, HSBC’s China chairman. «With his extensive banking experience, particularly in driving China-related business in trading and capital markets, Mark will lead one of the group’s most important markets, helping us to support our customers’ businesses within as well as outside the mainland.»
Shuffling at the Top
Wang’s promotion follows a series of other shuffles at HSBC’s top management globally including the appointment this year of Stephen Moss, former group CEO chief of staff, as the regional chief executive overseeing the Middle East, North Africa and Turkey; Latin America and Canada; and most of Europe. Last year, the U.S. CEO was also renamed to former Citi banker Michael Roberts.
But the question remains about the shuffling of the highest rank. The permanence of Quinn’s role continues to be in doubt since he was named interim head, succeeding John Flint who lasted just 18 months. Onlookers expected closure to the matter during the last annual meeting but no such thing occurred and the bank responded by saying that the appointment process was «ongoing» and in line with its six to 12-month timetable.
