HSBC Wealth Chief, COO to Depart as Elhedery Unveils Top Team — Financial News

By Paul Clarke

Of Financial News

HSBC Holdings's chief operating officer and head of wealth management are stepping down as part of a series of top-level changes by incoming CEO Georges Elhedery.

Nuno Matos, chief executive of HSBC's global wealth and personal banking unit, and group chief operating officer John Hinshaw are set to depart the U.K. lender as its new chief executive has unveiled his executive team.

Barry O'Byrne, who currently leads HSBC's large commercial banking unit, will take over the wealth and personal banking unit, it said in a statement Wednesday announcing the changes.

Former Santander banker Matos joined HSBC in 2015 and was an internal candidate for the top job after CEO Noel Quinn announced his resignation in April. The U.K. lender had focused on its top executives to succeed Quinn, with chief financial officer Elhedery getting the nod.

Other top-level changes by Elhedery include Aileen Taylor taking over as chief human resources and governance officer from Elaine Arden, who is also stepping down.

HSBC's new CEO, who takes on the role Monday, has also split the responsibilities of the group COO role among two executives.

Former Citigroup staffer Stuart Riley has been handed the expanded role of group chief information officer, while Suzy White, HSBC's global banking and markets COO, takes on the group chief operating officer role on an interim basis.

"I am really looking forward to working with Barry, Aileen, Stuart and Suzy, as we pursue the next phase of our growth," Elhedery said in a statement. "It has been a pleasure working with Nuno, Elaine and John. I wish them every success in the future."

Elhedery told journalists during HSBC's second-quarter results call that he would largely keep to pushing through the strategy laid out by Quinn in 2020.

However, the bank is also considering eliminating some middle management roles and cutting the number of country managers, Bloomberg reported on Wednesday.

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Write to Paul Clarke at paul.clarke@dowjones.com

Website: www.fnlondon.com

(END) Dow Jones Newswires

August 29, 2024 04:28 ET (08:28 GMT)

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