HSBC: Pam Kaur appointed as chief financial officer

HSBC has made a significant leadership change, appointing Pam Kaur as its first female chief financial officer in the bank’s 159-year history. Kaur, who has been with the company for over 10 years, is currently the chief risk and compliance officer.

Her appointment, pending approval at the next annual general meeting, will also see her take on the role of executive director on the board.

This move is part of a broader restructuring led by CEO Georges Elhedery, who is under pressure to cut costs, boost profitability, and navigate growing tensions between China and the West.

Elhedery has outlined a new strategy aimed at positioning the bank for future success.

The restructuring will divide HSBC into several new business units. The UK and Hong Kong will have separate divisions, alongside two new branches: “corporate and institutional banking” and “international wealth and premier banking.”

Operations will be split between “eastern markets,” covering the Asia-Pacific and Middle East, and “western markets,” which include Europe, the Americas, and the UK.

Elhedery highlighted that the new structure will simplify operations, enabling the bank to be more agile and better equipped to meet its long-term strategic objectives.