HSBC’s senior executive overseeing commercial and investment banking across the US and Europe has stepped down a little more than a year after taking charge of the division.
Gerry Keefe’s departure follows a reorganisation of the bank’s global operations.
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Keefe, who led banking activities in Europe and the Americas, is leaving to take up a position outside financial services, according to an internal memo seen by Bloomberg.
Jo Miyake, who currently oversees the corresponding business in Asia and the Middle East, has been appointed to cover Keefe’s responsibilities on an interim basis.
“Gerry Keefe has decided to resign from HSBC to take up a new role,” a spokesperson for HSBC was quoted as saying in a statement. “He leaves with our best wishes.”
The departure comes as chief executive Georges Elhedery pushes ahead with a stronger focus on Asia.
Over the past year, HSBC has withdrawn from significant parts of its investment banking operations, ending advisory work on mergers and acquisitions and equity capital markets services in London and New York.
The bank also saw the exit of its US chief executive, Lisa McGeough, last year, with McGeough moving to Deutsche Bank.
HSBC has been redirecting resources towards business lines it believes can deliver stronger returns and greater growth, including its Asian wealth management operations, where it is aiming to strengthen its standing among the region’s wealthiest clients.
In 2025, HSBC reported revenue of $68.27bn, up by $2.4bn, or 4%.
The increase was mainly driven by higher fee and other income in wealth, particularly from investment distribution and insurance, as well as growth in wholesale transaction banking, notably foreign exchange within CIB.
Operating profit stood at $27.99bn, compared with $29.39bn in 2024, while profit for the year fell to $23.1bn from $24.99bn.
Announcing the results in February, Elhedery said: “2025 was a year of decisive action and swift execution, which is reflected in our strong performance. Each of our four businesses performed well and we have strong momentum across the bank.
“We are becoming a simple, more agile, focused bank, one that moves with the speed our customers need to navigate the modern world.”
