HSBC names new CEO of ring-fenced UK division amid biggest overhaul in a decade
David Lindberg, formerly of NatWest Group, will start in December and replace Ian Stuart, who is moving to a new role, according to HSBC
HSBC Holdings has named David Lindberg CEO of its ring-fenced UK bank, ending a long search, as the lender undergoes its biggest overhaul in a decade.
Lindberg, most recently head of retail banking at NatWest Group, would start on December 8 and also joined the group operating committee, according to a statement. He is replacing Ian Stuart, who will start his new role as group customer and culture director following a handover period.
The bank has also over the past years pivoted to Asia, closing and selling off businesses across Europe and North America.
HSBC UK, one of the bank’s two home markets along with Hong Kong, serves more than 15 million customers, with over 23,000 staff. It operates retail banking and wealth management, as well as commercial banking for businesses.
The ring-fencing rules were part of the UK government’s response to the global financial crisis in 2008 and were aimed at protecting retail banking from external shocks. They mean Britain’s biggest banks, including HSBC, are barred from moving much of their domestic earnings into their international arms, which often house their riskier investment bank and trading arms.