Banking News

HSBC loses second heavyweight in a week

HSBC loses second heavyweight in a week

(10 August 2019 – China) HSBC has announced that its Greater China head is resigning from the bank, in the second high-profile departure from the lender in a week following the ousting of CEO John Flint.

A spokesperson for HSBC said Helen Wong, who has been chief executive of Greater China for the bank since 2010, was leaving to pursue a job at another company.

Ms Wong has worked for the lender for almost 30 years. The departure of Ms Wong comes in the same week that Mr Flint left the bank after losing the confidence of the board of directors.

As head of Greater China — which includes Hong Kong and Taiwan — Ms Wong presided over an expansion of HSBC’s operations in the region.

The spokesperson said that Ms Wong’s resignation was unconnected to Mr Flint’s departure and that she had submitted her notice before the final decision was made to oust the chief executive.

“Our growth strategy in China is unchanged. HSBC has been steadfast in its commitment to China for over 150 years. We will continue to support China’s growth and economic prosperity going forward,” the spokesperson said.

While Mr Flint will be replaced on an interim basis by global commercial banking head Noel Quinn, there will be no replacement for Ms Wong’s position, and her responsibilities will be shared by the four heads of Hong Kong, Macau, Taiwan and mainland China, an HSBC spokeswoman said.

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