Mar 10, 2020

HSBC appoints former top Citi banker Forese to the board

HSBC has appointed Jamie Forese, formerly a top executive at Citigroup, as a director, adding an experienced US banker to its board as it seeks to turn round its struggling North American business. Mr Forese, who had once been touted as a future chief executive of Citi, resigned as president of the US bank almost a year ago following a three decade-long career that started when he joined Salomon Brothers, which was acquired by Citi in 1998. One person briefed on the appointment of Mr Forese, who will join the board on May 1, said his experience would help HSBC as it attempts to revive its stuttering US business. Until Mr Forese's appointment, none of the bank's directors had significant experience of the US banking industry. Last month, Noel Quinn, HSBC's interim chief executive, announced plans to close around a third of its US branches as part of a broader restructuring that will see the bank shed 35,000 jobs over the next three years.

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