HSBC COO to Step Down, Amid Senior Management Changes

There’s been a number of changes to the senior management team at HSBC, which have been made as part of the next phase of the bank’s strategy, the company announced this Monday.
One of the big changes at the will see Andy Maguire, the Group Chief Operating Officer (COO) retire. He will officially leave the Group on the 9th of June 2020, following the end of his six months’ notice period. However, he will no longer be operating as the COO from the 30th of January, 2020.

This Monday, the bank has also named Maguire’s successor – John Hinshaw, who will join the company as Group COO designate on the 10th of December 2019. He will formally take on the role from the 1st of February, and until then will work with Maguire to handover the responsibilities.
From the 1st of January 2020, Pam Kaur, Head of Wholesale Market and Credit Risk, will be appointed as Group Chief Risk Officer, assuming the role from Marc Moses, who will assist with the handover before stepping down from the Board of Directors on the 31st of December.
Although Moses will no longer be the CRO and part of the Board, he will still provide support to the Group Chief Executive Officer (CEO) until the end of next year.
HSBC CEO of Global Bank and Markets steps down
The CEO of Global Bank and Markets, Samir Assaf, will also be stepping down from their role, effective from the 20th of March 2020. However, he will remain with the British bank as Chairman of Corporate and Institutional Banking.
Taking up the reins for the Global Bank and Markets division is Georges Elhedery, Head of Global Markets and Greg Guyett, Head of Global Banking, who will become co-heads of the unit and report to the Group CEO.
Commenting on the changes, Noel Quinn, Group CEO 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.”
The changes announced today follow a recent shakeup to the company. As , following the unexpected departure of its previous CEO, John Flint, it was revealed that HSBC would cut up to 10,000 jobs in 2019.