Lisa McGeough will become HSBC’s U.S. CEO on Jan. 1, the bank announced Thursday.
McGeough, co-head of global banking coverage, will be “driving our next phase of growth as a super-connector between the US and the rest of the world,” the bank said in a release outlining a massive raft of reshuffling in its management ranks.
McGeough, the first woman to lead HSBC’s U.S. operations in more than a decade, fills a role previously held by Michael Roberts, whom the bank promoted to CEO of its corporate and institutional banking businesses, which recently merged.
HSBC CEO Georges Elhedery has been remapping the bank since he stepped into the role in September, simplifying its business into four parts and naming a number of new executives, including HSBC’s first woman CFO.
“In October, we set out our plan to create a simpler, more dynamic, agile structure at HSBC. We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities,” Elhedery said Thursday in a prepared statement. “The new structure will ensure we can better focus on the businesses where we have clear competitive advantage and the greatest opportunities to grow – and will help us to deliver best-in-class products and service excellence to our customers.”
McGeough, who will be responsible for all U.S. businesses, including North America corporate and institutional banking coverage, joined HSBC in 2021 after 16 years at Wells Fargo, last serving as head of its international business, according to her LinkedIn profile. She previously worked at Morgan Stanley and TD.
McGeough’s appointment is just one of dozens of executive moves HSBC rolled out Thursday.
Perhaps the most senior executive casualty of is reshuffle is Annabel Spring, the bank’s CEO of global private banking and wealth CEO.
Spring will “leave to pursue other opportunities” Dec. 31, the bank said. HSBC is splitting its global private bank and wealth businesses. It named Gabriel Castello, CEO of Swiss private banking as interim chief of the global private bank. The bank will begin recruiting for a permanent successor “in due course,” it said. Lavanya Chari, meanwhile, will lead wealth and premier solutions, the bank said.
“Among Annabel’s many contributions, we are grateful to her for her leadership of the significant turnaround, integration, and growth of the global private bank and wealth businesses, the transforming of our technology, product set and client experience, as well as building a client-focused culture and team,” HSBC said in a statement.
Spring joined HSBC in 2019 from Australia’s Commonwealth Bank and previously worked at Morgan Stanley, according to her LinkedIn profile.
HSBC on Thursday also named Adam Bagshaw as its global head of investment banking.
The reshuffle elicited a signal of change fatigue, perhaps, from analysts.
“I don't think there will ever truly be an end to the shuffling and churning at an organization as large as HSBC, but one would hope the pace slows and allows some stability for the workforce," Shore Capital analyst Gary Greenwood told Reuters. “This should then allow the business to grow and develop which, in turn, should be positive for shareholders if the changes that have been made were effective.”
