Another stage of global reorganization at HSBC under new boss Georges Elhedery has been announced. This includes the exit of private banking CEO Annabel Spring.
Following the latest recent move to restructure HSBC globally into four key businesses – Hong Kong, UK, corporate and institutional banking (CIB), and international wealth and premier banking (IWPB) – the London-headquartered lender has announced the appointment of corresponding senior leadership teams.
«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,» said group CEO Georges Elhedery in a statement.
IWPB: Leaders
Within the IWPB unit, there will be three business lines: global private banking, asset management insurance. Asset management and insurance will continue to be led by Nicolas Moreau and Ed Moncreiffe, respectively, who both report to IWPB head Barry O’Byrne.
Global private banking and wealth CEO Annabel Spring will leave to pursue other opportunities on December 31. Gabriel Castello has been appointed interim CEO of global private banking, reporting to O’Byrne, while retaining his current roles as CEO for the Swiss private bank and head of global private banking, EMEA, until further notice.
Meanwhile, a recruitment process will commence for the permanent role of global private banking CEO.
IWPB: Geographic Appointments
By region, Kai Zhang – currently head of wealth and personal banking (WPB) for South and Southeast Asia – has been appointed head of IWPB, Asia. EMEA head of WPB Dinesh Sharma has been named head of IWPB, Middle East. A new role of head of IWPB, Americas and Europe will be created with the recruitment process for the position to begin imminently.
Juan Parma, head of WPB Americas and CEO Argentina with coverage for Uruguay, has decided to leave the bank at the end of March 2025 to pursue other opportunities. He will focus on the Argentina post-sale responsibilities and the transition into the new structure until his departure.
Taylan Turan will perform a transitional role of leading IWPB’s integration until the end of July 2025 when he will also leave the bank to pursue other opportunities.
IWPB: Wealth and Premier Solutions, Chief Commercial Office
Also within IWPB, the bank will form a single center of expertise in Wealth and Premier Solutions and a Chief Commercial Office.
Current global head of investment and wealth solutions Lavanya Chari will become head of wealth and premier solutions, IWPB, and oversee wealth solutions to support select retail products such as unsecured lending, mortgages and transaction banking. Based in Singapore, she will report to O’Byrne.
A recruitment process will also begin for the newly created role of chief commercial officer (CCO), IWPB, based in Hong Kong. This position will be responsible for wealth and premier propositions, customer experience, physical and digital distribution, and contact centers, ESG and data analytics.
CIB Business
Within CIB, which is led by Michael Roberts, the business lines 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.
Top leaders include:
- Manish Kohli, global head of GPS
- Vivek Ramachandran, global head of GTS
- Patrick George, global head of MSS
- Adam Bagshaw, global head of investment banking
- Sir Danny Alexander, CEO of infrastructure finance and sustainability, CIB,
- Andy Beane, CCO, CIB
- Jo Miyake, head of banking, Asia and Middle East
- Gerry Keefe, head of banking, Europe and Americas
- Miyake and Keefe will jointly oversee the combined multinational and international subsidiary banking business alongside credit and lending
- Andrew Wild, CEO, Continental Europe
- Lisa McGeough, CEO, US
- Jorge Arce, CEO, Mexico with added responsibility for Brazil, Chile and Uruguay
In addition, Matthew Ginsburg has confirmed his long-standing plan agreed with the bank to retire in March 2025.
UK Business
Within the UK unit, Jose Carvalho will continue as head of wealth and personal banking, including responsibility for insurer, first direct, and M&S Bank as well as entity oversight of global private banking in the UK. Stuart Tait will continue as head of commercial banking, including responsibility for HSBC Innovation Banking in the UK.
Carvalho and Tait report to UK head Ian Stuart.
Asia and Middle East
The Hong Kong business and the geographic governance of Eastern markets, including Asia and MENAT (Middle East, North Africa and Turkey) are overseen by David Liao and Surendra Rosha. Philip Fellowes will continue supporting Liao and Rosha with a focus on the Hong Kong business in his capacity as CCO, Asia and Middle East.
In Hong Kong, Luanne Lim and Diana Cesar will continue to lead HSBC Hong Kong and Hang Seng, respectively. Maggie Ng, head of WPB, Hong Kong, and Frank Fang, head of commercial banking, Hong Kong, will report to Lim. Ng and Fang will cover the retail & wealth distribution and the commercial banking businesses, respectively. Selim Kervanci will be CEO, Middle East, pending regulatory approval, as previously announced.
The CEOs for HSBC’s priority growth markets in Asia and the Middle East remain unchanged. They include:
- Hitendra Dave, CEO, India
- Kee Joo Wong, CEO, Singapore
- Mark Wang, CEO, mainland China
- Mohammed Marzouqi, CEO, UAE
«Measured, Thoughtful and Fair»
According to Elhedery, the process that led to the latest changes 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,» he added.
Unless otherwise stated, all the changes take effect from 1 January 2025. Further updates will be shared in HSBC’s annual results in February next year.
