(9 July 2019 – United States) HSBC is replacing the chief executive of its US operation, Patrick Burke, in October as the bank attempts to revive its US business.
Mr Burke will be replaced with Citi veteran Michael Roberts who will be tasked with turning the struggling business around which has been a major drag on profitability for years. In its 2018 annual report, HSBC described turning around its US operations as “its most challenging strategic priority”.
Mr Roberts has worked for Citi since 1986 and has been chief lending officer and global head of corporate banking and capital management since 2010. He is joining HSBC as a group managing director and will be reporting to chief executive John Flint.