HSBC on hunt for new Europe chief after top boss departs
HSBC is on the new hunt for a new top boss at its continental Europe arm with its current chief set to depart at the end of the year.
Europe’s largest lender said on Thursday that Andrew Wild would exit his role after nearly four years due to family reasons.
Wild first joined the bank in 2005 and served as deputy chief executive in Europe for six years before ascending to the division’s top role.
HSBC said it is in the process of recruiting for Wild’s replacement whilst Christopher Davies the division’s deputy chief will take the helm in the interim.
Michael Roberts, chief executive of HSBC Bank and the firm’s corporate and institutional banking arm, said “Andrew leaves not only with our best wishes, but with our thanks for his contributions to HSBC over the last 20 years.”
He added: “Continental Europe remains a critical market within HSBC’s international network and a key element of its growth strategy.”
HSBC’s top ranks reshuffled
It marks the latest reshuffle in the top ranks at HSBC.
David Lindberg, who most recently led retail banking operations at Natwest, was announced as the FTSE 100 giant’s new UK chief last month, replacing Ian Stuart.
It followed Stuart being appointed as the group’s customer and culture director in March – a newly created title.
The bank has also been on the search for a new chair with incumbent Mark Tucker set to retire by the end of 2025 after an eight-year stint at the lender.
Thus far, the bank’s search has yet to bear fruit, with the lender reportedly forced to restart the process after struggling to find suitable candidates for the shortlist.
The group’s chief executive Georges Elhedery took the reins at the lender last October and wasted no time in conducting a major overhaul.
Elhedery has stripped back operations and culled investment banking arms across Europe with the analysts suggesting the firm’s future focus lies in Asia and the Middle East.
In its latest financial results, HSBC took a 14 per cent profit beat falling to $7.3bn (£5.4bn) for the three months to September 30.
The fall came as the bank hiked legal provisions after a fresh ruling in the Madoff fraud scandal put the lender on the hook for $1.1bn (£830m).