HSBC announces changes at the top

| November 28, 2010
’HSBC

Banking giant HSBC has announced some changes to its management team.

The announcement is part of a boardroom reshuffle under incoming group chief executive, Stuart Gulliver, who is set to replace Michael Geoghegan next year.

Paul Thurston will assume the role of Chief Executive, Retail Banking and Wealth Management with effect from March 2011. His role will be Hong Kong-based and Mr Thurston will report to Stuart Gulliver.

Brian Robertson, currently group risk officer, will lead the group’s operations in the UK and continental Europe, while Joe Garner will be responsible for the UK’s retail and business banking divisions.

Marc Moses will be appointed Group Chief Risk Officer, HSBC Holdings plc, with effect from next week.

Commenting on the new appointments, Mr Gulliver said: “I am delighted to announce these management changes which see some of HSBC’s most talented and internationally experienced executives take on significant new responsibilities.

“With the massive wealth creation we see in emerging markets today, the logic for HSBC to build a world-class global wealth business for our customers is absolutely compelling.”

There are set to be a number of changes at the top within British banks next year. Barclays’ chief executive, John Varley, will be departing next year and will be replaced by Bob Diamond, currently president of Barclays Plc.

Furthermore, the chief executive of Lloyds Banking Group, Eric Daniels, has announced he will retire next year.

Fifty-nine year-old Daniels is the longest serving CEO at a major British bank and will continue in his post until next year when a replacement is found.

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