Banking giant HSBC reveals shake-up of senior management team

Mr Elhedery will take over as group chief executive from Noel Quinn on September 2.

The bank has revealed a raft of changes which are set to take place from the start of October.

This will see Barry O’Byrne, currently chief executive of its global commercial banking arm become chief executive of global wealth and personal banking.

He will take over from Nuno Matos, the current chief of wealth and personal banking, who has stepped down “to pursue other opportunities after nine years with the group”.

HSBC also confirmed that Aileen Taylor, group company secretary and chief governance officer, has been appointed group chief human resources and governance officer.

She will replace Elaine Arden, who is stepping down from the role after seven years.

Elsewhere, John Hinshaw, group chief operating officer, has also stepped down from the business.

Following a review, HSBC’s incoming boss said he will split the role’s previous responsibilities between two new roles – an expanded role of group chief information officer and a newly-defined group chief operating officer position.

Stuart Riley, who joined HSBC earlier this year, will become group chief information officer.

Meanwhile, Suzy White, global banking and markets chief operating officer, has been appointed group COO on an interim basis, while a formal recruitment process is carried out.

Mr Elhedery said: “I am really looking forward to working with Barry, Aileen, Stuart and Suzy, as we pursue the next phase of our growth.

“It has been a pleasure working with Nuno, Elaine and John. I wish them every success in the future.”

Mr Quinn, departing group chief executive, said: “I’d like to thank Nuno, Elaine and John for their extraordinary dedication and service to the group over many years. I wish them well in their future endeavours.”

Mr Elhedery joined HSBC in 2005 and was appointed to the board and as chief financial officer in January 2023.

He previously served as co-chief executive officer of global banking & markets, and led the bank’s Middle Eastern, North Africa and Turkey region as chief executive from July 2016 to February 2019.

Earlier this month, HSBC promised it will not announce any new closures of its bank branches until at least 2026.

The banking group also said it was planning to spend more than £50 million this year on updating and improving its branch network.

The pledge means the bank must keep its 327 branches running for the next year-and-a-half, and possibly longer.

It previously committed to announcing no new closures in 2024.

HSBC recently revealed that the number of regular customers visiting branches has dropped by an average of 65% over the last five years.

However, it said that five million customers have visited a branch so far this year, especially for more complex banking inquiries.