HSBC US CEO to Retire, Citi's Michael Roberts to Take Place

HSBC Holdings plc announced this week that the current President and Chief Executive Officer (CEO) of its United States operations, Patrick Burke, is retiring and will be succeeded by Citigroup veteran Michael Roberts.

Burke’s leaving and Roberts’ starting date will be confirmed in October of this year, the statement released by the company said. Burke leaves the firm after thirty years, having joined in 1989 as Deputy Director, Mergers and Acquisitions and Vice President of Strategy and Development.

Speaking on Burke’s retirement, Group Chief Executive of HSBC, John Flint said: “We are extremely grateful to Pat for his 30 years of highly professional service and in particular his leadership of HSBC USA. He has been instrumental in our US turnaround plan and the positive progress we’ve made. We wish him well for the future.”

During his time with the London-headquartered company, Burke held a number of senior leadership positions within the group, at HSBC Finance Corporation (HFC) Bank in the UK, HFC Canada, and HSBC Card and Retail Services.

Before he was the CEO of HSBC USA, he served as the President and CEO of HFC. In addition to this role, he was also Chairman of the Board.

Michael Roberts joins HSBC from CitiGroup

Roberts joins the bank after a 34-year-long tenure with Citigroup. Most recently, he was the Chief Lending Officer and Global Head of Corporate Banking and Capital Management, a position he held since 2010.

“We are delighted to welcome Michael to HSBC. Michael brings with him significant international, strategic and regulatory experience that will prove invaluable in leading the US business forward,” added Flint.

According to the statement, Roberts will join the bank as a Group Managing Director and will report directly to the firm’s Group CEO, Flint. As part of his new role, he will also get a seat on the Group Management Board.