HSBC reveals senior management shake-up under new boss

HSBC has announced the departure of three top executives as part of sweeping changes to the bank’s management ahead of its new chief executive’s arrival next week.

On Thursday, Europe’s biggest lender said that the changes would be effective from the start of October.

It said the management shake-up would “help position the group for the next phase of development and growth”.

The changes come as Georges Elhedery, HSBC’s finance chief, prepares to replace Noel Quinn as CEO on 2 September.

The bank said Elaine Arden, group chief human resources officer, and John Hinshaw, group chief operating officer (COO), had decided to step down.

Aileen Taylor, group company secretary, will replace Arden, while Hinshaw’s responsibilities will be split between two new executive roles following a review by Elhedery.

These comprise an expanded group chief information officer (CIO) role and a newly defined group COO position.

Stuart Riley, who joined HSBC earlier this year, will become group CIO.

Meanwhile, Suzy White, global banking and markets chief operating officer, has been appointed group COO on an interim basis while a formal recruitment process is conducted.

Elhedery has reportedly considered further changes to HSBC’s management, including cutting the number of country heads operating across its global network, in a sign that he wants to continue Quinn’s strategy of streamlining the bank’s operations.

Within the role changes, HSBC also announced on Thursday that Nuno Matos, global head of wealth and personal banking, had chosen to step down after nine years at the firm “to pursue other opportunities”.

Matos, once considered a potential CEO candidate, is due to be replaced by Barry O’Byrne, currently HSBC’s CEO of global commercial banking.