HSBC shakes up regional bosses amid push to Asia

HSBC has named a series of new senior leaders of its businesses in Europe, the US and the Middle East as the UK lender looks set to refocus its growth strategy on Asia.

The bank unveiled a series of new appointments at the top of its regional businesses and named Nuno Matos, head of its European business, as chief executive of wealth and personal banking. The change of role for Matos essentially frees him from his European management responsibility at a time when the bank is reported to be considering moving key executives to Asia.

Matos, as well as global banking and markets chief, Greg Guyett, and Barry O’Byrne, who runs HSBC’s commercial banking unit, have been linked with a move from London to Hong Kong as part of the bank’s “pivot to Asia” plans, Bloomberg reported on 21 February.

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Colin Bell, the bank’s group chief compliance officer who also leads HSBC’s vast transformation programme, will take over from Matos as CEO of HSBC Europe and its UK ring-fenced bank HSBC Bank Plc.  Kirsty Everett has taken on the role of interim group chief compliance officer.

This means that chief financial officer Ewen Stevenson will take over responsibility for pushing through HSBC’s transformations programme, a move that will see at least 35,000 jobs stripped out across the organisation. The bank is expected to go further on the cuts when it unveils its full year results on 23 February. Its chairman Mark Tucker told a conference in Asia last month that HSBC needs to “up the pace, up the intensity and up the delivery” of its overhaul as the effects of Covid-19 have dented the bank’s profitability.

Stephen Moss, who is responsible for overseeing HSBC’s business in Europe excluding the UK, will take on a new position CEO for Middle East, North Africa and Turkey (MENAT). He will relocate to Dubai for the role, with the Middle East seen as a crucial pillar of HSBC’s new strategy alongside Asia and the UK.

Michael Roberts is now chief executive for the US, Latin America and Canada, having previously overseen its business in the US. HSBC is expected to pull back from retail banking in the US when it announces its results on 23 February, something the bank has well flagged in recent months.

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