HSBC Lures RBS CFO Ewen Stevenson
(26 June 2018 - United Kingdom) Royal Bank of Scotland (RBS) CFO Ewen Stevenson has been announced as new finance director for the UK’s HSBC, replacing current CFO Iain Mackay who is set to retire at a yet to be confirmed date.
Ewen Stevenson joins a revamped management team featuring CEO John Flint and Chairman Mark Tucker both recently appointed as replacements for long time CEO Stuart Gulliver and Chairman Douglas Flint.
Serving in the role as CFO for RBS for the last four years, Stevenson led efforts to turn around the bank’s fortunes following its £46 billion bailout in the Global Financial Crisis (GFC) in 2008. Prior to RBS, Mr Stevenson spent 25 years at Credit Suisse, with his last role being co-head of the Europe, Middle East and Africa investment banking division and co-head of its global financial institutions group.
RBS has spent the last decade divesting major assets and addressing regulatory and legal issues stemming from the group’s expansive international operations that were cut back in the wake of the GFC. Since the start of the year, the bank has resolved a number of key legacy issues underpinned by Mr Stevenson’s guidance.
“For the past four years Ewen has worked tirelessly with me and my executive team to make RBS a much simpler, safer and more customer focused business and resolve a number of major legacy challenges,” RBS CEO Ross McEwan said in May 2018 at the surprise announcement of Mr Stevenson’s pending departure. HE was widely expected to assume the role as incoming HSBC CFO.
“I am delighted to be joining HSBC. I look forward to working with the board, John and his executive team,” Mr Stevenson said in a statement.
HSBC CEO John Flint described Stevenson as a “strategic thinker” and “accomplished expert” in his field. “He brings a wealth of international experience and will be a welcome addition to the senior management team,” Flint said in a statement. Flint thanked Mackay, 56, for his eight years of service as CFO and eleven years with the bank.
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