You might not think HSBC is a good sales prospect right now however it is…and here’s why…
You might not think HSBC is a good sales prospect right now however it is…and here’s why…
HSBC have developed a detailed restructuring plan to address the low-return portfolios of Europe and the U.S. and to reshape Global Banking and Markets.
There are plans to create a combined Wealth and Personal Banking business
Global Banking & Markets and Commercial Banking will incur the most restructuring
They have begun an ambitious simplification and cost-reduction program, while increasing IT investment.
They have reorganized their management structure
This is a robust plan built around things they can control
- delayer and de-matrix the organization
- more agility and simplicity in the organization
The rundown program is likely to take three years to execute, with a dedicated team now set up to execute this.
They have established a dedicated transformation team to focus on executing the restructuring
There is a separate team focused on building future growth strategies.
Three to four year plan to create a single data warehouse and heavily use the cloud which should lead to a dramatic improvement in the productivity of the finance department. And we can see similar efficiency programs across much of the back office and middle office.
John Hinshaw is the new Group COO (Dec 2019) who's got a deep background in technology and has led similar restructurings at HPE where he was EVP and managed technology and operations.
Senior Executives
Mark E Tucker (Oct 2017)
Group Chairman
*NEW* Noel Quinn (Aug 2019)
Group Chief Executive
*NEW* Ewen Stevenson (Jan 2019)
Group Chief Financial Officer
Elaine Arden (June 2017)
Group Chief Human Resources Officer
Samir Assaf (Jan 2011)
Chief Executive, Global Banking and Markets
Colin Bell (March 2017)
Group Chief Compliance Officer
*NEW* Jonathan Calvert-Davies (Oct 2019)
Group Head of Internal Audit
*NEW* John Hinshaw (Dec 2019 - effective Feb 2020)
Group Chief Operating Officer
*NEW* Pam Kaur (Jan 2020)
Group Chief Risk Officer
Stuart Levey (Jan 2012)
Chief Legal Officer
Paulo Maia (July 2015)
Chief Executive, Latin America, HSBC and Executive Chairman, HSBC Mexico
Stephen Moss (Dec 2018)
Group Chief of Staff
*NEW* Charlie Nunn (Feb 2020)
Chief Executive, Wealth and Personal Banking
*NEW* Barry O’Byrne (Aug 2019)
Chief Executive, Global Commercial Banking
*NEW* Michael Roberts (Oct 2019)
President and Chief Executive Officer, HSBC USA
*NEW* António Simões (Jan 2019)
Chief Executive Officer, Global Private Banking
Ian Stuart (April 2017)
CEO, HSBC UK Bank plc
Peter Wong (May 2013)
Deputy Chairman and Chief Executive, The Hongkong and Shanghai Banking
Corporation Limited
35,000 jobs and $100 billion in assets in the next three years as it scales back operations in the U.S. and mainland Europe
HSBC to cut 35,000 jobs and $100 billion in assets in the next three years as it scales back operations in the U.S. and mainland Europe