HSBC reshuffles European management ahead of CEO Quinn’s strategy revamp to shore up profits
- Stephen Moss to serve in new regional CEO role
- Strategy update due February 18 as part of annual results
HSBC Holdings is shaking up its ranks of senior executives in Europe ahead of a strategy overhaul by chief executive Noel Quinn later this month as the banking group seeks to shore up earnings amid stiffer competition.
Stephen Moss will serve in the new role of regional chief executive, overseeing the company’s business in continental Europe, the Middle East, North Africa, Turkey, Latin America and Canada beginning on March 1, it said in a statement on Thursday. Moss, who joined the bank in 1992, is group head of strategy and planning and Quinn’s chief of staff.
His new role will include “defining and overseeing the implementation of plans and priorities in region in support of the group’s strategy,” HSBC said.
As part of the reshuffle, Nuno Matos, who previously ran HSBC’s business in Mexico, will become CEO of HSBC’s UK bank and CEO of Europe on March 1. He replaces James Emmett, who will step down as CEO of HSBC Bank Plc on February 29, and retire on September 30 after 25 years at the bank.
The latest reshuffle follows major changes to personnel last year involving the head of investment bank, chief risk officer and chief operating officer. It is also seen as part of Quinn’s make-or-break strategy for Europe’s biggest bank by assets, which is expected to include job cuts in underperforming markets and reinvestment of some cost savings into growth markets, such as Hong Kong and mainland China.