Nuno Matos, head of wealth and personal banking at HSBC, has stepped down to pursue other opportunities, one of several key changes in the company’s leadership, as Georges Elhedery takes over as CEO.
Reported by Reuters, Barry O’Byrne, the CEO of the lender’s commercial bank, will take over for Matos at HSBC. This move indicates that Elhedery prefers strategic continuity over a significant transformation of the wealth business under the direction of an outsider recruit.
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The wealth division that O’Byrne will take over is important to HSBC’s overall aim of increasing fee-based income, at a time when its major source of revenue from lending is expected to shrink in tandem with global central bank policy rate reduction.
Additionally, HSBC plans to quadruple the funds under management in its British wealth division to £100bn ($131bn) over the next five years.
Matos, who joined HSBC in 2015, was one of several internal candidates seeking to succeed Noel Quinn as group CEO before the board picked chief financial officer Elhedery last month.
Moreover, he served in several of the bank’s major regions, including Europe and Latin America, and was a member of the group executive committee, which consisted of 18 members. Before departing the company in 2025, Matos is anticipated to continue serving in an advisory role through 2024.
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By GlobalDataThe group’s chief operational officer, John Hinshaw, and chief human resources officer, Elaine Arden, who are both executive committee members, are also departing.
Elhedery, who will officially assumes leadership, will divide the duties between two newly created group executive committee-level positions: a newly designated group chief operating officer (GCOO) and an expanded and group chief information officer (GCIO).
Meanwhile, Stuart Riley has been appointed to the expanded GCIO position, which includes responsibility for data and innovation. The remaining group COO tasks will fall to the incoming GCOO, who will be named at a later date.
HSBC is considering financial incentives and reallocating projects to retain internal candidates.
Elhedery’s successor as CFO, Jonathan Bingham, who will start on 2 September, is defined as interim, as is global banking & markets chief operating officer, Suzy White, who has been appointed GCOO while a formal recruiting process is underway. White will attend HSBC’s global executive committee but will not be a member.
