HSBC Holdings PLC, a UK based multinational banking giant known for its investment banking and financial services recently revealed in an announcement that its C-Level management team is seeing major changes.
The move which was made public via an official announcement from the firm hinted at three of its most senior-level executives parting ways with the firm which is set to come into effect during the first quarter of 2020 and is expected to be part of the job cuts it announced earlier this year.
As one of the major global banks which took a serious blow to its revenues affected by multiple factors such as Brexit, monetary policy easing and global trade wars, the firm announced its intentions to cut nearly 10000 jobs which make up nearly 4% of its fill time executives.
While most job cuts normally see mid to low level executives suffer serious blow, HSBC’s job cut decision comes as a major blow for its senior-level executives as the bank hopes to cut costs via this job cut measure by laying off its c-level management executives which will help the bank save its dividends.
The job cut move was first made public when one of its longest-serving executives and then Chief Executive Officer Mr. John Flint decided to step down from his role and end his 30 year long ties with HSBC family.
As part of management and leadership team shake-up announced today, the parent firm sees departure of its current Group COO, Group CRO & CEO of Global Bank and Markets who are expected to step down from their role in Q1 2020 and resign from the firm by end of 2020 with their roles being filled in promoting some of the executives who are already a part of the financial service provider.
Mr. Andy Maguire, current Group Chief Operating Officer will step down from the firm as of 30.01.2020 and resign from the firm by 09.06.2020 post completion of his six month notice period. During his notice period, He is expected to work along with Mr. John Hinshaw who is set to succeed him as Group COO starting 01.02.2020 to ensure a smooth transition of his duties and responsibilities to his successor.
It should be noted that among the four executives who will be succeeding the outgoing executives, Mr. Hinshaw is the only executive who is currently not a part of the British bank and will join as Group COO designate starting from 10.12.2019.
Meanwhile, Mr. Marc Moses who is currently serving as Group CRO will be succeeded by Mr. Pam Kaur – current Head of Wholesale Markets and Credit Risk at HSBC. Marc will step down as Group CRO & member of the bank’s board of directors on 31.12.2019 while Mr. Kaur will take on his new role effective 01.01.2020.
Marc is still expected to stay as part of HSBC even after stepping down from the role of Group CRO and is expected to serve in the role of supporting capacity to Group CEO until the end of 2020. The last in today’s list Mr. Samir Assaf who is currently serving as CEO of Global Bank and Markets is expected to step down from his role effective from 20.03.2020 post which he is expected to remain as part of bank’s Chairman of Corporate and Institutional Banking.
Meanwhile, his role as CEO of Global Banks and Markets will be succeeded by two executives who will serve as Co-Heads. The two executives are Mr. Georges Elhedery, Head of Global Markets and Mr. Greg Guyett, Head of Global Banking both of whom are expected to report directly to Mr. Noel Quinn – Group CEO when they take on their new role as Co-Heads of Global Bank and Markets division.
Commenting on these changes, Mr. Quin said, “I’d like to thank each of these individuals for their extraordinary dedication and commitment to the Bank over many years. In their respective successors, we have talented and capable individuals that I’m looking forward to working closely with as we execute plans for the next phase of the Bank”.