HSBC Holdings shuffles executive ranks ahead of restructuring

Interim CEO plans to close some parts of the sprawling bank’s business and sell others

HSBC Holdings’ interim chief has overhauled the sprawling bank’s senior management team as he positions himself to take the job on a permanent basis.

The London-based bank, which derives most of its earnings from Asia, is replacing its top investment banker, chief operating officer and chief risk officer, according to a statement Monday. The moves come before interim CEO Noel Quinn unveils a wide-scale restructuring next year that’s expected to close parts of the business and divest operations including the French retail unit.

Andy Maguire will retire in January after five years as COO, replaced by John Hinshaw, a former executive at Hewlett Packard Enterprise Co. Chief risk officer Marc Moses will hand over his responsibilities to Pam Kaur, who currently heads wholesale market and credit risk. Details of the overhaul will be announced along with HSBC’s full-year results in February.

Mr Quinn has made a bid to get the top job on a permanent basis and is considered a front-runner. Before chairman Mark Tucker tapped him as interim chief, Mr Quinn was head of global commercial banking. He previously ran the Asia-Pacific commercial bank. – Bloomberg