HSBC gets new head of China
(11 March 2020 – China) HSBC has named Mark Wang Yunfeng as head of the bank’s China operations in the latest executive shake-up under interim chief executive Noel Quinn.
Mr Wang, who joined the bank in 2005, has overseen HSBC’s global banking and markets business in China since June 2016.
Upon receiving regulatory approval, Mr Wang will succeed David Liao as president and chief executive of China. Mr Liao will take another senior role in the bank, HSBC said.
“China is central to HSBC’s strategic aim of accelerating growth from its Asian franchise,” said Peter Wong, HSBC’s China chairman. “With his extensive banking experience, particularly in driving China-related business in trading and capital markets, Mark will lead one of the group’s most important markets, helping us to support our customers’ businesses within as well as outside the mainland.”
The move is the latest senior executive change as Mr Quinn looks to put his stamp on the lender and permanently win the CEO role. In February, Mr Quinn announced the bank would cut as many as 35,000 jobs and reduce annual costs by an additional US$4.5 billion in the lender’s third major reshaping in a decade.