HSBC APAC Chief Risk Officer Steps Down
In this article (5)
Family reasons were cited as the recent for the exit with an interim head being flown in from the U.K. Ed Jenkins steps down after joining HSBC more than a decade ago and less than a year after being named chief risk officer for the region. He will take a sabbatical after July 1 before returning to the bank in October, according to a report citing an internal memo.
Marc McKewon, Jenkins’ predecessor, will return from the U.K. to become the Hong Kong-based interim chief risk officer. McKewon is currently the global chief corporate credit officer, head of the wholesale market and credit risk.
HSBC has been a major receipt of increasing risks across social, economic and political fronts. In addition to the broad-based effects of the coronavirus pandemic, the bank has been spotlighted in reported tensions with pro-democracy protesters; dividend-hungry shareholders; Beijing-backed officials; British Tory members; and internal staff.
HSBC is also concurrently attempting to restart and deepen an overhaul originally targeting a giant reduction of 35,000 job, $4.5 billion in costs and $100 billion in risk-weighted assets.
Questions & Answers
Q.Why is Ed Jenkins stepping down from his role as Chief Risk Officer for HSBC APAC?
Why is Ed Jenkins stepping down from his role as Chief Risk Officer for HSBC APAC?
The article states that family reasons were cited for Ed Jenkins' departure from his position. He joined HSBC over a decade ago and was in the role for less than a year before stepping down.
Q.Who will be taking over as interim Chief Risk Officer for HSBC APAC?
Who will be taking over as interim Chief Risk Officer for HSBC APAC?
Marc McKewon, Ed Jenkins’ predecessor, will return from the U.K. To become the interim chief risk officer based in Hong Kong. He is currently the global chief corporate credit officer.
Q.What is the timeline for Ed Jenkins' departure and return to the bank?
What is the timeline for Ed Jenkins' departure and return to the bank?
Ed Jenkins will take a sabbatical after July 1, following his stepping down from the role. He is expected to return to the bank in October after his break.
Q.What challenges is HSBC currently facing as a bank?
What challenges is HSBC currently facing as a bank?
HSBC is grappling with increasing risks across social, economic, and political fronts, including pandemic effects, tensions with various groups, and a major overhaul targeting job reductions, cost savings, and a decrease in risk-weighted assets.
Reader pulse
CRO departure: Sign of internal strain?
20,743 votes so far