HSBC names Pam Kaur as first female CFO amid major restructuring

HSBC On Tuesday, veteran insider Pam Kaur was named as the first female finance chief and announced the consolidation of the bank into four business units.

Kaur is set to take over from interim chief financial officer John Bingham on Jan. 1, according to the Hong Kong board's regulatory filing.

It is the second heavyweight leadership shake-up for HSBC in recent months, after former finance boss Georges Elhedery was named group CEO in July.

The bank also announced plans to streamline its businesses in a bid to “reduce duplication of processes and decision-making”. From January, it will operate through four divisions: Hong Kong, UK, International Wealth and Premier Banking and Corporate and Institutional Banking.

“The new structure will result in a simpler, more dynamic and agile organization as we focus on executing against our strategic priorities, which remain unchanged,” Elhadery said in a statement on Tuesday, adding that the shakeup will help HSBC “go forward” with growth. stage.”

The bank's new corporate and institutional banking unit will combine its commercial banking business (outside Hong Kong and the UK), global banking and markets business and wholesale banking operations in western markets.

This breaking news story is being updated.