HSBC, Europe's largest lender, is on the hunt for a new º£½ÇÊÓƵ chief following the departure of current CEO Ian Stuart to a fresh role.
Stuart, who has led the º£½ÇÊÓƵ business for eight years, is set to join the bank's operating committee, as reported by .
Upon his successor's appointment, Stuart will assume the newly minted title of group customer and culture director, reporting directly to group CEO Georges Elhedery. Elhedery described Stuart's new role as "vital to the long-term success of HSBC."
The bank stated that this appointment "will support the continued execution of the bank's strategy which will see HSBC become a simpler, more dynamic, agile organisation."
Cost-cutting is Elhedery's priority
This reshuffle comes in the wake of the bank's annual results last month, where it reported a pre-tax profit of £25.6bn, up from £24bn in 2023.
In these results, Elhedery reiterated commitments to cost reduction, promising an annualised decrease of £1.2bn in its cost base by the end of 2026.
Investment bankers found themselves in the firing line following the cost overhaul, with City AM revealing last month that some were due to receive bonuses while others were to be let go on the same day.
The downsizing of its investment banking arm and Stuart's new role reflect the bank's reorganisation strategy into four divisions split across the East and West.
Elhedery, commenting on Stuart's new role, stated: "A customer-centric, high-performance culture is the foundation of delivering exceptional outcomes for our customers."
"It builds trust, enhances experiences, and ensures customer satisfaction whilst empowering our colleagues to meet customer needs, drive innovation, and unlock new opportunities."
He further added: "In this new role, Ian will consistently challenge the Group Operating Committee in shaping the culture, ensuring that the voice of the customer informs every decision and action we take. I look forward to seeing Ian's impact across the Group."
