HSBC Secures Andre Cronje as its COO from Rival UBS

There continues to be a number of moves at leading lenders heading into H2 2016, with HSBC securing the services of Andre Cronje from rival group UBS AG – he will join HSBC as its newest Chief Operating Officer (COO), stepping into the role on June 13, Finance Magnates has learned.

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More specifically, Mr. Cronje will serve as HSBC’s COO of its Global Banking and Markets (GBM) unit – in this capacity he will be reporting directly to HSBC’s GBM Chief Executive Samir Assaf and Group COO Andy Maguire. He joins HSBC from UBS, having worked in a similar role at the lender for the past few years.

Mr. Cronje served as the COO of UBS since 2013, during which he oversaw a multitude of functions and tasks with the investment bank. This included management of the group’s regulatory remediation and cost reduction programs, among other initiatives while based out of UBS’s Switzerland location.

During the rest of his tenure with UBS, he also held several senior level roles, including stints in the group’s mergers and acquisitions division.

HSBC recently made headlines in the personnel department after it unveiled plans to scale back its global workforce by upwards of 50,000 workers over the next few years. The announcement back in May also revealed it would be cutting a large number of IT jobs in the UK, namely London, Sheffield, and Leeds locations.