The bank is expected to announce the retirement Marc Moses, chief risk officer, and board member, according to a report in quoting people familiar with the situation. He is likely to be replaced by Pam Kaur, head of wholesale market and credit risk.
Moses’ departure would mark the most senior exit from the business since the ouster of former chief executive John Flint. Chairman Mark Tucker said the bank needed a change of leadership to adapt to an increasingly complex business environment. Moses’s departure has been in the works since before Flint’s, and Kaur has been preparing to replace him for several months, one of the people said.
HSBC’s new chief could focus more of its resources on Asia, where it reckons it can make a better return on its shareholders’ capital. Tucker told employees at an internal meeting recently that more than 30 percent of the bank’s capital was generating returns of less than 1 percent.
HSBC’s interim Chief Executive Officer Noel Quinn, is reviewing the entire business. Quinn is aiming to get the top job on a permanent basis and is considered one of the front-runners for the post. Speaking in an internal video in October, Quinn told staff that he was more than a «caretaker» CEO.
Gregory Guyett and Georges Elhedery will jointly run the unit once Samir Assaf steps down. Guyett is currently head of global banking, while Elhedery runs HSBC’s global markets business.
