HSBC says four senior bankers to relocate to Hong Kong as it extends pivot to Asia
- Senior executives running its three major businesses, which account for the bulk of its revenue, will sit in Hong Kong, rather than London
- HSBC plans to invest US$6 billion in Asia in the next five years as part of its pivot to the region
The shift, which has been widely anticipated, would see Barry O’Byrne, the head of its global commercial bank; Greg Guyett, co-CEO of its global banking and markets business; and Nuno Matos, head of its wealth and personal banking segment, relocate to the city in the second half of this year, according to an internal memorandum seen by the Post. All three sit on the bank’s group executive committee.
Nicolas Moreau, head of asset management, is also relocating later this year.
“As you know, an important part of our global strategy is to base more of our leadership population in Asia, and so it is a logical step to locate more members of our global executive team in the region,” Quinn said in the memo. “The move will also create significant opportunities for collaboration across the businesses in Asia.”
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Georges Elhedery, co-CEO of global banking and markets, will remain in the UK, reflecting his leadership of the markets and securities services operations and London’s role “as a global hub for client coverage, risk management and liquidity”, Quinn said.