Fashion
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.
