HSBC has announced the completion of a major phase in its global reorganisation, consolidating its structure into four core business units.
The four units are International Wealth and Premier Banking (IWPB), Corporate and Institutional Banking (CIB), HSBC UK, and HSBC Asia and Middle East.
The changes are designed to simplify operations, enhance agility, and focus on areas of competitive strength.
HSBC has finalised senior leadership appointments across these units, with Barry O’Byrne leading IWPB, Michael Roberts heading CIB, and Kai Zhang taking charge of IWPB in Asia.
Lavanya Chari has been named Head of Wealth and Premier Solutions, based in Singapore, to oversee wealth products and retail solutions.
Georges Elhedery, HSBC Group CEO, said,
“We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities. The new structure will ensure we can better focus on the businesses where we have clear competitive advantage and the greatest opportunities to grow – and will help us to deliver best-in-class products and service excellence to our customers.
While we are introducing these changes at pace, the process 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.”
Despite the CEO’s assertion of fairness, reports indicate that the restructuring has required hundreds of managers to reapply for positions within the newly formed CIB division.
This process has created internal competition among senior staff, with several managing directors and senior bankers being laid off.
CIB will unite HSBC’s wholesale banking operations and aims to become one of the top-three global wholesale banking organisations.
It will leverage the bank’s international scale and expertise in areas such as trade, payments, and corporate finance.
Key leaders in this division include Adam Bagshaw (Investment Banking), Sir Danny Alexander (Infrastructure Finance and Sustainability), and Andy Beane (Chief Commercial Officer).
The restructuring also includes the departure of Annabel Spring, CEO of Global Private Banking and Wealth, who is credited with leading significant transformations in technology, product development, and team culture.
Gabriel Castello has been appointed as Interim CEO for Global Private Banking while a permanent successor is sought.
The CEOs for HSBC’s priority growth markets in Asia and the Middle East remain unchanged: Hitendra Dave (India), Kee Joo Wong (Singapore), Mark Wang (mainland China), and Mohammed Marzouqi (UAE).
Further updates on the reorganisation are expected during HSBC’s full-year results announcement in February.
The changes take effect from January 1, 2025, unless otherwise specified.
Featured image credit: Edited from Freepik
