HSBC shuffles senior management as interim CEO Noel Quinn makes his mark on the bank
- Marc Moses, chief risk officer and a director, one of three senior executives to retire or move within the bank
- Georges Elhedery and Greg Guyett will become co-heads of HSBC’s investment bank
HSBC is revamping its senior management ranks as interim chief executive Noel Quinn continues to put his stamp on the bank as he hopes to retain the top job permanently.
On Monday, HSBC said that Marc Moses, the group chief risk officer and one of only four executives to sit on the bank’s board of directors, will step down from his roles at the end of the year and be replaced by Pam Kaur, head of wholesale market and credit risk. He will officially retire from the bank on December 9, 2020.
The bank’s group chief operating officer, Andy Maguire, will retire at the end of January and Sami Assaf, the long-time head of HSBC’s investment bank, will take a new position as chairman of the bank’s corporate and institutional banking business.
John Hinshaw, a former Hewlett Packard Enterprise executive, will join as group chief operating officer designate on Tuesday. Georges Elhedery, head of global markets, and Greg Guyett, head of global banking, will replace Assaf as co-heads of the global banking and markets business.
“I’d like to thank each of these individuals for their extraordinary dedication and commitment to the bank over many years,” Quinn said in a stock exchange filing on Monday. “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.”
Quinn was named interim CEO in August and has been moving to restructure its operations as part of his efforts to “remodel” Europe’s largest bank by assets. He replaced John Flint, who was ousted after 18 months in the top job.