Dec 9, 2019
HSBC reshuffles top team ahead of restructuring
HSBC has announced a reshuffle of its top executives and hired a new chief operating officer, as its interim chief executive Noel Quinn makes his mark on the bank ahead of a big restructuring. The bank, which is due to unveil the restructuring in February, said on Monday that Marc Moses, its chief risk officer, would be replaced by Pam Kaur, head of wholesale market and credit risk, from January 1. The executive reshuffle comes as Mr Quinn prepares to unveil a big overhaul of the group to slash costs and reduce the size of the balance sheet in Europe and the US, where the Asia-focused bank makes subpar returns. HSBC confirmed that Samir Assaf would step down as the head of its investment bank, known internally as global banking and markets or GBM, in March to take on a new role as chair of corporate and institutional banking. People working on the plan say that the reduction to the bank's 237,000 headcount could be even larger when accounting for the balance sheet reduction and the sale of assets including its French retail bank.
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