(5 December 2024 – Global) HSBC Chief Executive Georges Elhedery has announced a new wave of leadership changes as part of his ongoing effort to simplify and restructure the organisation.
These adjustments include the departure of Annabel Spring, the bank’s Global Head of Private Banking and Wealth, who will leave at the end of the year.
As reported in the FT, Ms Spring, one of HSBC’s most senior female executives, will see her responsibilities divided between Gabriel Castello, appointed interim CEO of Global Private Banking, and Lavanya Chari, who leads Wealth and Premier Solutions.
This move is part of a broader transformation within HSBC’s International Wealth Banking division, led by Barry O’Byrne. The division is one of four new units established under Elhedery’s revised organisational structure announced in October and encompasses private banking, asset management, and insurance.
Elhedery emphasised that the changes have been introduced thoughtfully. “While we are introducing these changes at pace, the process has been measured, thoughtful and fair,” he stated.
The restructuring follows reports that HSBC is targeting senior bankers in a bid to reduce costs. Spring’s departure comes shortly after Céline Herweijer, the Group Sustainability Officer, announced her plans to leave, just weeks after the bank had confirmed her continuation under new CFO Pam Kaur.
Other significant appointments include Adam Bagshaw, a former Deutsche Bank executive who joined HSBC in 2020, as Global Head of Investment Banking within the Corporate and Institutional Banking division led by Michael Roberts.
Elhedery, who succeeded Noel Quinn in September, has been reshaping HSBC’s structure to reflect its global ambitions. The bank’s reorganisation introduces four distinct units, separated by eastern and western markets, replacing its previous three-unit structure.
The changes have drawn comparisons to proposals by Chinese insurer Ping An, a key shareholder, which had pushed for the separation of HSBC’s Asia operations. These demands were rejected by shareholders last year.
As HSBC continues its leadership overhaul, the search for a successor to Chair Mark Tucker, a British executive who lives in New York, is underway. Tucker, the first outsider to take on the role in HSBC’s 159-year history, will reach his nine-year term limit in 2026.
Tucker’s eventual departure comes at a critical time for the bank, which faces the dual challenge of navigating geopolitical tensions between the US and China amidst heightened uncertainty following Donald Trump’s return to the Oval Office.