HSBC COO to Step Down, Amid Senior Management Changes

There’s been a number of changes to the senior management team at HSBC, which have been made as part of the next phase of the bank’s strategy, the company announced this Monday.

One of the big changes at the British multinational bank will see Andy Maguire, the Group Chief Operating Officer (COO) retire. He will officially leave the Group on the 9th of June 2020, following the end of his six months’ notice period. However, he will no longer be operating as the COO from January 30, 2020.

This Monday, the bank has also named Maguire’s successor - John Hinshaw, who will join the company as Group COO designate on December 10, 2019. He will formally take on the role from February 1, and until then will work with Maguire to handover the responsibilities.

From January 1, 2020, Pam Kaur, Head of Wholesale Market and Credit Risk, will be appointed as Group Chief Risk Officer, assuming the role from Marc Moses, who will assist with the handover before stepping down from the Board of Directors on December 31.

Although Moses will no longer be the CRO and part of the Board, he will still provide support to the Group Chief Executive Officer (CEO) until the end of next year.

HSBC CEO of Global Bank and Markets steps down

The CEO of Global Bank and Markets, Samir Assaf, will also be stepping down from their role, effective from March 20, 2020. However, he will remain with the British bank as Chairman of Corporate and Institutional Banking.

Taking up the reins for the Global Bank and Markets division is Georges Elhedery, Head of Global Markets and Greg Guyett, Head of Global Banking, who will become co-heads of the unit and report to the Group CEO.

Commenting on the changes, Noel Quinn, Group CEO, said: "I'd like to thank each of these individuals for their extraordinary dedication and commitment to the Bank over many years. In their respective successors we have talented and capable individuals that I'm looking forward to working closely with as we execute plans for the next phase of the Bank."

The changes announced today follow a recent shakeup to the company. As Finance Magnates reported, following the unexpected departure of its previous CEO, John Flint, it was revealed that HSBC would cut up to 10,000 jobs in 2019.