HSBC plans international re-shuffle
(30 September 2009 – Global) HSBC will relocate the principal office of the group chief executive, Michael Geoghegan, to Hong Kong in February 2010, in an international re-shuffle.
The move is part of a plan to focus on emerging markets and to ensure the group’s potential is fully realised.
The HSBC Group will operate from two equally strategically important centres for the company and currently remains domiciled in the UK.
The bank has no plans to move entirely, and will continue to remain for tax and regulation purposes.
HSBC’s Group chairman and two executive directors will continue to be based in London.
The UK Financial Services Authority remains the lead regulator of the Group.
Mr Geoghegan, who will reside in Hong Kong as of the 1st February 2010, will also maintain an office and a regular presence in London.
Upon Mr Geoghegan arriving in Hong Kong he will also assume the position of chairman of the Hong Kong and Shanghai Banking Corporation Limited.
In support of these changes and the relocation of the principal office of the group chief executive, the bank will also make a number of senior executive management changes.
Sandy Flockhart, executive director, will be appointed chairman personal and commercial banking.
Stuart Gulliver, executive director, will be appointed chairman Europe and the Middle East.
Douglas Flint, executive director, will assume responsibility for Compliance in addition to his existing remit for Credit and Risk, and Finance. His title will change to chief financial officer, executive director risk and regulation.
Peter Wong will be appointed chief executive of the Hong Kong and Shanghai Banking Corporation Limited, succeeding Sandy Flockhart.
All new roles will report the group chief executive and the changes will take effect as of 1st February, 2010.
The HSBC Group will operate from two equally strategically important centres for the company and currently remains domiciled in the UK.
The bank has no plans to move entirely, and will continue to remain for tax and regulation purposes.
HSBC’s Group chairman and two executive directors will continue to be based in London.
The UK Financial Services Authority remains the lead regulator of the Group.
Mr Geoghegan, who will reside in Hong Kong as of the 1st February 2010, will also maintain an office and a regular presence in London.
Upon Mr Geoghegan arriving in Hong Kong he will also assume the position of chairman of the Hong Kong and Shanghai Banking Corporation Limited.
In support of these changes and the relocation of the principal office of the group chief executive, the bank will also make a number of senior executive management changes.
Sandy Flockhart, executive director, will be appointed chairman personal and commercial banking.
Stuart Gulliver, executive director, will be appointed chairman Europe and the Middle East.
Douglas Flint, executive director, will assume responsibility for Compliance in addition to his existing remit for Credit and Risk, and Finance. His title will change to chief financial officer, executive director risk and regulation.
Peter Wong will be appointed chief executive of the Hong Kong and Shanghai Banking Corporation Limited, succeeding Sandy Flockhart.
All new roles will report the group chief executive and the changes will take effect as of 1st February, 2010.
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