HSBC Global Markets COO Departs
(14 April 2020 – United Kingdom) HSBC appointed Andre Cronje as Chief Operating Officer (COO) in 2016 of global banking and markets, making his move from rival bank UBS. Fast-forward to 2019, HSBC announced they would be making a mass redundancy of stuff, including many senior levels of management citing rising costs. HSBC have now decided to place these redundancies on hold in order to limit the impact of coronavirus on staff.
Nevertheless, even with these conditions, Andre Cronje has decided to seek alternative employment and officially resigned from HSBC as the 24th of April. In the absence of Andre Cronje, operational responsibility will be transitioned to Nick Reed who has been employed for HSBC for ten years and has been responsible for running the bank’s operations in India. The group also confirmed his role will not be replaced. The changes follow HSBC's commitment to combine the back and middle office for its commercial banking and global banking businesses. Mr Reed will be based in London and report to Georges Elhedery and Greg Guyett, who co-head global banking and markets.
Mary Macleod, the former HSBC Global Banking COO, has also been appointed to a new role. Macleod becomes chief of staff for Greg Guyett following the creation of a new division called 'Corporate Finance and Investment Banking.' If and when HSBC decides to lay off bankers as a result of the restructuring, Macleod is likely to manage the process.
Noel Quinn, HSBC’s newly-appointed CEO, outlined plans this year to cut 35,000 jobs across the group and restructure part of its global markets business. The bank reportedly planned to cut up to 10,000 jobs in 2019, or nearly four percent of its full-time employees (FTE). Now that he's been handed the permanent role, Quinn is free to restructure HSBC according to the plan he announced in February
"Every business had a plan for 2020. Whatever your plan was for 2020 it’s now been ripped up. The focus for everyone now is simply getting through this year” Goldman Sachs CEO
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