Senior management change in bank battling for mortgage share
HSBC has been doing well in its battle for market share – overtaking Barclays to become the UK’s fourth biggest mortgage lender. In the background, however, plenty of corporate restructuring has been going on, giving senior management plenty to focus on.
Europe’s biggest lender is undergoing a significant leadership transition as Georges Elhedery steps up as the new CEO, leading to several key executive changes. Among those departing is Nuno Matos, the current head of Wealth and Personal Banking, who was a strong contender for the CEO position. Matos, who has been with HSBC since 2015 after leaving Santander, must have been disappointed in his failure to snag the top job, but will continue to serve in an advisory role through 2024 before departing in 2025 to “explore new opportunities”.
Barry O’Byrne, who currently leads HSBC’s Global Commercial Banking division, will replace Matos. O’Byrne, who joined HSBC in 2017 from GE Capital, has been stationed in Hong Kong since 2021, alongside Matos, as part of HSBC’s strategy to bolster its presence in this crucial market. The wealth management division, which Matos has led since 2021, has been pivotal to HSBC’s growth strategy, particularly in driving fee-based income. O’Byrne will now take the reins of this key business area as HSBC navigates the evolving global economic landscape.
In addition to Matos, other notable departures include John Hinshaw, the group chief operating officer, and Elaine Arden, the chief human resources officer. Their responsibilities will be redistributed, with Stuart Riley stepping into an expanded role as group chief information officer, overseeing data and innovation—a clear sign of HSBC’s increased focus on technology such as AI.
Suzy White will temporarily take over the remaining COO duties until a permanent replacement is found, while Aileen Taylor will replace Arden as chief human resources officer.
These changes are seen as part of Elhedery’s broader plan to ensure stability at the top while maintaining active progress beneath the surface. “I suspect that Georges will want HSBC to look like a swan over the next five years - stability at the top, but lots of activity under the water,” Ben Toms, an analyst at RBC Capital Markets told Reuters. However, this drive for continuity might limit short-term opportunities for ambitious executives within the bank, which some analysts suggest is reflected in the recent departures.
As HSBC adapts to these changes, Elhedery expressed his eagerness to work closely with the new leadership team, stating: “I am really looking forward to working with Barry, Aileen, Stuart, and Suzy as we pursue the next phase of our growth.” The bank will announce a successor for O’Byrne’s current role in due course, as it continues to refine its leadership structure under Elhedery’s direction.
