Key facts
- Pam Kaur will become HSBC's Group Chief Financial Officer on January 1, 2025.
- Kaur is currently HSBC's Group Chief Risk and Compliance Officer.
- Georges Yammine is expected to step down as finance chief.
- HSBC is restructuring into four business units.
- The bank will announce the financial impact of these moves in February.
HSBC shares declined following the announcement that its finance chief, Georges Yammine, is expected to step down. The bank has named Pam Kaur as its new Group Chief Financial Officer, effective January 1, 2025. Kaur, who joined HSBC in April 2013 and is currently the Group Chief Risk and Compliance Officer, will be the bank's first female CFO.
Kaur brings nearly 40 years of global banking experience, having held senior roles in audit, business, compliance, finance, and risk management at institutions including Deutsche Bank, Royal Bank of Scotland, Lloyds TSB, and Citigroup. She holds an MBA in Finance and is a Fellow of the Institute of Chartered Accountants in England and Wales.
The appointment coincides with a significant organizational overhaul under new CEO Georges Elhedery. HSBC is simplifying its business into four pillars: Hong Kong and U.K. operations will stand alone, while corporate and institutional banking will be combined into one unit, and international wealth and premier banking into another. These units will be further divided into "Eastern markets" (Asia-Pacific and the Middle East) and "Western markets" (U.K., Americas, and continental Europe).
Elhedery indicated that the restructuring will lead to a reduction in duplicated roles, particularly at senior levels. The bank plans to provide more details on the financial impact of these changes when it announces its full-year results in February. Jon Bingham, the interim CFO, will return to his role as Global Financial Controller.